Backtesting Short Seller Ben Axler’s Performance at Spruce Point Capital (Part 2)

As a quick follow up to Part 1 of Backtesting Short Seller Ben Axler’s Performance at Spruce Point Capital, I analyzed total open interest on all put options for Ben Axler’s respective short reports. I looked at the median % change for total put options starting 20 trading days out from the release of the … Continue reading Backtesting Short Seller Ben Axler’s Performance at Spruce Point Capital (Part 2)

The Significance of Accruals and the MSOs

Summary Due to adjustments in fair value of inventory and biological assets, I am wary of potential earnings management/manipulation. Using traditional methods to measure cash flow and balance sheet accruals, during Q2’20 Trulieve measured with the highest earnings quality, but otherwise reported the worst earnings quality in FY’19. Curaleaf reported the lowest earnings quality relative … Continue reading The Significance of Accruals and the MSOs

Backtesting Short Seller Ben Axler’s Performance at Spruce Point Capital (Part 1)

Summary Background I have always been in the camp that if a company is committing fraud, then I would like to know about it. About a year ago, Grizzly Research, now known to be ran by Siegfried Eggert, put out a report called Trulieve Cannabis Corp: Why we believe the Company is a Fraud. At … Continue reading Backtesting Short Seller Ben Axler’s Performance at Spruce Point Capital (Part 1)

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About Me

Hi, I’m Graham. I’m just a guy that likes to analyze data and businesses. Feel free to reach out to me if you have any questions; always happy to connect others that have similar interests.