
The Shade of Sunrun (RUN US)
Sunrun (RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages. We herein focus the discussion on what was unsaid, and the little that was said.… more
Sunrun (RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages. We herein focus the discussion on what was unsaid, and the little that was said.… more
Muddy Waters is short Sunrun Inc. (RUN) because we see it as an uneconomic business built on three shaky pillars: The equity story of exaggerated “Subscriber Values” and “Gross / Net Earning Assets”, funding growth through abusing tax incentives, and issuing ABS that could be exposed to a RUN bankru… more
We are short Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) because its accounting is so complex and misleading that its financial statements are effectively meaningless. HASI is a prime example of how public market incentives can warp a company into relentlessly destroying value… more
We are short BEKE because we conclude the Company is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%. We found massive discrepancies between the transaction volumes, store count and agent count reported… more
Muddy Waters is short DNMR. We conclude that DNMR has significantly misrepresented the state of its customer relationships, product development, readiness to scale, and TAM for PHAs. Both the money that DNMR spent buying Novomer and the cash it intends to spend on capacity expansion strike us as H… more
We have been short S30 since May 2019, and it has been a long and strange journey. We analogize the present situation to this: Imagine if you thought your partner is cheating on you with another. You arrive at your house at a moment you believe the cheating is taking place, and see your partner’s… more
In the course of using Lemonade’s site to do fundamental business research, it was accidentally discovered that Lemonade’s site contains an unforgivably negligent security flaw that potentially exposes its customers’ personally identifiable information.… more
On March 8, 2021, XL issued a multi-page response to our March 3rd report.1 The response did not deny key claims of company misrepresentations. On the next page is a summary table of the key claims that we made in our initial report, and whether in our view XL specifically denied them in its respons… more
Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more
Block on Bloomberg discussing MW's latest short, Burford Capital. Watch the full interview here… more
Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more
Block on Yahoo Finance Video discussing morality shorts. Watch the full interview here.… more