Fraud & Skepticism
Every idea in Doomscholar on fraud & skepticism. Open any one to read it in layers, with its sources.
- Adani Group: How the World's 3rd Richest Man Is Pulling the Largest ConHindenburg ResearchHindenburg's claim: the Adani Group engaged in stock manipulation and accounting fraud over decades. Adani denied it, and India's market regulator dismissed key allegations in 2025.
- Enron Short ThesisJim Chanos / KynikosEnron's returns didn't cover its cost of capital and its accounting was opaque; the equity was worthless.
- Fooling Some of the People All of the Time (Allied Capital Short)David Einhorn / GreenlightEinhorn's claim: Allied Capital used aggressive accounting to overstate the value of its illiquid investments.
- Hanlon's RazorRobert J. HanlonNever attribute to malice what is adequately explained by carelessness.
- Lehman Brothers Short Thesis (Ira Sohn)David Einhorn / GreenlightLehman's balance sheet is opaque and undercapitalized; its marks on illiquid assets are not credible.
- Luckin Coffee (Anonymous Report)Muddy Waters / Carson BlockLuckin Coffee fabricated sales figures; the growth story is a fraud.
- Nikola: How to Parlay an Ocean of LiesHindenburg ResearchHindenburg's claim: Nikola is an 'intricate fraud' built on false claims about its technology, including a truck rolling downhill in a video.
- Owner EarningsWarren BuffettThe number that matters for valuation is not reported earnings or 'cash flow' but owner earnings: reported earnings, plus depreciation and other non-cash charges, minus the capital spending needed just to hold the business's competitive position. Skip the last subtraction and you are pricing the business as if it were the Pyramids.
- Scion Capital Letters (Subprime Short)Michael BurrySubprime mortgage-backed securities will collapse; buy CDS protection against the housing bubble.
- Sino-Forest Corporation (Strong Sell)Carson Block / Muddy WatersMuddy Waters' claim: Sino-Forest overstated its timber assets, and the equity was worth a fraction of its price.
- The World's Largest Hedge Fund Is a FraudHarry MarkopolosBernard Madoff's impossibly smooth returns are mathematically inconsistent with any real strategy; the fund is either front-running or a Ponzi scheme.
- Valeant: The Pharmaceutical Enron?Andrew Left / Citron ResearchCitron's claim: Valeant used a specialty pharmacy, Philidor, to book sales in an Enron-style scheme.
- Who Wants to Be a Millionaire? (Herbalife Short)Bill Ackman / Pershing SquareAckman's claim: Herbalife is a pyramid scheme that regulators will shut down, and the stock is worth zero.
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