Episodes

Monday Sep 28, 2020
Episode #16 - Edwin Dorsey
Monday Sep 28, 2020
Monday Sep 28, 2020
I chat with Edwin about the following;
- What has he learned from his newsletter and what is he doing next
- Which activist shorts campaign has been overlooked
- How is he increasingly using FOIA requests
- Which campaign was flawed and what is he looking at now
...and much more.
Be sure to check out his new offer for the Bear Cave subscribers!

Sunday Mar 08, 2020
Episode #15 - Edwin Dorsey
Sunday Mar 08, 2020
Sunday Mar 08, 2020
This episode contains the following and rough timestamps;
0.20 What made Edwin impersonate Harvey Weinstein on babysitting platform care.com
18.00 Why Care.com and Stanford got involved and wanted to take down the article
40.00 How is Edwin using documents from Attorney Generals and other sources
48.00 What value does Edwin see in Stanford studies?
52.00 What does he read
57.00 What is Edwin going to do after Stanford
1.02.00 What is Edwin focusing on now
1.12.00 Why are consumer complaints sent to AG worthwhile research source
1.24.00 Edwin’s favourite reports written by others
1.39.00 Edwin’s problem with the definition of edge
Finally, here is Edwin’s Twitter and link to his newsletter.

Sunday Feb 02, 2020
Episode #14 - Week 31.01
Sunday Feb 02, 2020
Sunday Feb 02, 2020
This week I am going to look at three Chinese companies.
I will start with a summary of a lesser-known campaign on Vitasoy which was targeted by Valiant Varriors. Vitasoy is allegedly a classic Chinese fraud exposed by looking at the subsidiary-level financials.
I will follow-up on QTT, the short of Wolfpack which features similar allegations to Vitasoy. Except QTT is up 44% since the call.
Finally, I will quickly talk about NIO, the Tesla clone burning insane amounts of cash which seems to be currently in a now or never position.
I would also like to thank Breakout Point for data that I used in preparation for the podcast. Breakout Point is a great platform for those interested in tracking ongoing short campaigns.
If you want to ensure that you do not miss any new activist campaigns or any updates to already published reports, be it SEC filings, new tweets by short-sellers or press releases by the targeted companies, do take advantage of my 10% discount code for the first two months for a subscription to Breakout Point.
You can claim it by going to breakoutpoint.com and subscribing with the code ‘podcast’. Affordable and flexible subscriptions provide a complete and timely overview of what is happening in activist shorting.
Tickers & Reports

Friday Jan 17, 2020
Episode #13 - Jeremy Raper
Friday Jan 17, 2020
Friday Jan 17, 2020
This episode contains the following and rough timestamps;
0.00 Credit mentality and short-selling
10.00 Market oddities – BB bond yielding 1.5% in a distressed potash business
24.20 Balance-sheet driven focus and looking for companies that are forced to grow
31.00 Why is Jeremy not primarily focused on fraud
39.00 Peleton and the question of trading (Netflix)
43.30 One thing Jeremy took away from shorting Tesla
50.10 Jeremy’s best and worst trades (Quicksilver and cannabis stocks)
58.00 How does Jeremy think about timing – looking for zeros
61.00 Shorting NIO (NIO)
78.00 Jeremy’s best short pick now – Westshore (WTE.TO)
89.00 What would Jeremy do more of if he were to start all over again

Friday Jan 10, 2020
Episode #12 - Week 10.01
Friday Jan 10, 2020
Friday Jan 10, 2020
This week I am going to look at three campaigns.
One will be about none other than Tesla and the lengthy report done by Plainsite, the docket site run by Aaron Greenspan.
The other short will be from Black Mamba who targeted Varta AG, a German maker of batteries used in earphones such as airpods.
Lastly, I will provide a short update on Triple-S management, the short of Friendly Bear.
I would also like to thank Breakout Point for data that I used in preparation for the podcast. Breakout Point is a great platform for those interested in tracking ongoing short campaigns.
If you want to ensure that you do not miss any new activist campaigns or any updates to already published reports, be it SEC filings, new tweets by short-sellers or press releases by the targeted companies, do take advantage of my 10% discount code for the first two months for a subscription to Breakout Point.
You can claim it by going to breakoutpoint.com and subscribing with the code ‘podcast’. Affordable and flexible subscriptions provide a complete and timely overview of what is happening in activist shorting.
Tickers & Reports
- Plainsite on Tesla (TSLA)
- Black Mamba on Varta AG
- Friendly Bear on Triple-S Management (GTS)

Wednesday Jan 08, 2020
Episode #11 - Adam Block
Wednesday Jan 08, 2020
Wednesday Jan 08, 2020
This episode contains the following (rough timestamps);
0.15 Start in short-selling and Big Short
5.00 Background in bankruptcy and fraud litigation
9.30 Focus on two and three sigma ideas
15.30 How people misinterpret MLPs
18.00 Stanford International Bank – Ponzi with larger losses than Madoff
31.00 Learning Lessons – Be aware of your dividend yield
34.30 Sourcing ideas from others
37.30 Unserviceable debt and shorting oilfield services
53.00 Who is Adam following?
59.30 Worst trades – Do not argue on valuation
1.06.00 Worst trades – Anticipate short position doubling on you
1.11.15 Timing and sizing
1.18.00 Mallinckrodt (MNK) – Potential zero with catalysts in 2020
1.30.00 McDermott (MDR) – Example of trading near-bankrupt company
1.36.00 Options trading
1.42.00 Did Adam Neumann know WeWork is dubious?
1.45.00 What would Adam do differently if he started again?
Finally here is Adam's Twitter and Seeking Alpha page.

Sunday Dec 15, 2019
Episode #10 - Week 13.12
Sunday Dec 15, 2019
Sunday Dec 15, 2019
This week I am going to look at two new campaigns.
One will be from Citron about the infamous bike company Peleton, subscribers of which are now valued by the market with a price of one bike and 28 years of their subscription plans. Citron believes that this makes the company extremely overvalued.
The other will be from Aurlies Value which targeted NBIX a pharma company that employed at least 64 employees from Avanir which had to pay a large fine for allegations of fraud and kickbacks. Chief Commercial Officer of NBIX is supposedly the same person as the one who was heavily involved with an alleged kickback scheme in Avanir.
I will also provide an update regarding ATNX which is short of Viceroy and talk about a relatively new short-selling website called Utopia Capital and their focus on small-caps which showcase supposedly dubious share price action.
Before we start, I would just like to remind you that all you hear on the podcast are opinions. I am not a registered investment advisor, please do your own due diligence. Short selling can hold risks that are different from going long.
I would also like to thank Breakout Point for data that I used in preparation for the podcast. Breakout Point is a great software tool for investors interested in tracking ongoing short campaigns.
Tickers & Reports
Citron on Peleton (PTON)
Aurelius Value on Neurocrine Biosciences (NBIX)
Utopia Capital on GRN Holding Corp. (GRNF)

Friday Dec 06, 2019
Episode #9 - Week 06.12
Friday Dec 06, 2019
Friday Dec 06, 2019
This week’s episode is going to include a great contrast between the short targets.
On one hand, we will see a complex target composed of a Canadian retailer that is facing several fundamental issues. This could lead to credit downgrade which should present a downside.
On the other hand, we have my favorite biotech, Enochian Biosciences whose head scientist pleaded guilty to commercial burglary and is a support of the Spoon Bender, a magician who allegedly can bend spoons with his mind. Over the past two weeks, White Diamond Research found new information that makes ENOB the craziest and most overvalued biotech that WDR has ever seen.
I would also like to thank Breakout Point for data that I used in preparation for the podcast. Breakout Point is a great software tool for investors interested in tracking ongoing short campaigns.
Tickers & Reports
- Spruce Point on Canadian Tire Corp. (CTC)
- White Diamond on Enochian Biosciences (ENOB)
- Blue Orca on Kasen (HK.0496)

Friday Dec 06, 2019
Episode #8 - Gabe Bernarde (Viceroy Research)
Friday Dec 06, 2019
Friday Dec 06, 2019
This episode contains the following (rough timestamps);
0.15 How did Gabe start at Viceroy through PI work
6.00 Difference in fraud across geographies
7.10 Gabe’s specific focus
8.10 Sourcing of ideas
9.10 Being CC’ed to consumer complaints
10.10 Screening of ideas
13.00 Decision-making regarding publishing a report
15.10 Dreaded timing of short selling
19.00 Best and worst trade
24.00 Instagram feed and fake-wig test
28.20 Athenex (ATNX) and why is still a short
51.50 Pretium (PVG) thesis also holds
56.00 Prosieben (PSM) has likely played out, but the business model is still questionable
58.00 Capitec (CPI) potentially one of the most abusive financial institutions
64.40 Shorting outside of US – The German experience and scare tactics against critics
71.00 Closing remarks on Mimedix (MDXG)
72.40 Shorting after the first major drop
82.50 Who calls Gabe – Gabe from Spiceboy Research
84.00 The most ridiculous response of the management
88.00 Why the name Viceroy?
89.00 What would Gabe do differently if he had to do it all over again?

Sunday Nov 24, 2019
Episode #7 - Week 22.11
Sunday Nov 24, 2019
Sunday Nov 24, 2019
This episode contains the following;
This week I am going to look at the carnage that happened at Kasen, an alleged complete Chinese fraud, US-listed Chinese biotech that is likely lying about their facilities. A Puerto-Rican holding company whose insurance subsidiary is likely insolvent.
Last but not least, I will highlight a campaign targeting US-listed biotech whose head scientist is apparently Nikola Tesla, Leonardo Da Vinci, and Einstein in one person. He also believes people can bend spoons with their minds. I really recommend listening to the whole podcast just to hear this incredible story.
I am not going to look at Tesla although that presentation was certainly another piece of gem into the hall of TSLAQ.
Tickers & Reports
Blue Orca on Kasen (HK.0496)
Viceroy on Athenex (ATNX)
Friendly Bear on Triple-S Management (GTS)
White Diamond Research on Enochian Biosciences (ENOB)