Investments

We are short shares of Paycom, a $19 billion SaaS-based payroll services company that has been one of the best performing large capitalization software stocks since it went public in 2014. Even after the market turmoil of this year, Paycom trades at more than 70x the consensus estimate for this year’s free cash flow…

We are short shares of Lightwave Logic, a $900 million “electro-optic photonic device” company that has been perpetually stuck in “development stage” status for more than thirty years. The company’s stock price rose by 10x in June of last year, in tandem with some well-timed investment…

We are short shares of Digital World Acquisition Corp. (DWAC), a SPAC valued at over $8bn on a pro forma basis, because we believe it will never secure the necessary regulatory approval to close its proposed merger with Trump Media & Technology Group (TMTG). While recent pressure on DWAC shares…

We are short shares of Astra Space, a $2.0bn space launch company formed at the peak of the 2021 SPAC bubble – with no revenue, no track record of reliability, and no established market for its undersized vehicle. A story stock that’s yet another example of the questionable businesses going public via SPACs, Astra faces…

We are short shares of HubSpot, Inc. (HUBS), an unprofitable SaaS company that, despite the recent downward re-rating of the tech sector, still trades at 20x forward revenue. HubSpot is not worth anything close to its current valuation. The company is a COVID beneficiary whose future growth will likely pale in…

We are short shares of Meta Materials, a $1 billion market cap company whose business is comprised of a whole lot of nothing: no real revenue, no promising technologies, undeveloped products, no track record of achievement. The company is a collection of disjointed and failed laboratory experiments designed, in our…

We are short shares of Camber Energy, Inc. Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September. Its only real asset is a 73% stake in Viking Energy…

We are long shares of Maxar Technologies, a leading provider of space-based imagery and infrastructure as it nears the launch of a game-changing new constellation, WorldView Legion. The operational and financial benefits of the new fleet once it enters service will be nothing short of transformative…

We are long shares of Acutus Medical, a small-cap medical device company that we believe will play a central role in changing the treatment paradigm for persistent atrial fibrillation (AF) and other complex arrhythmias. Evidence that catheter ablation successfully treats less advanced forms of AF has been mounting for years, but persistent AF remains intractable: pharmaceutical intervention rarely succeeds and 30-50% of patients undergoing ablation suffer a relapse into AF in less than a year. Because unresolved AF increases the risk of stroke, heart failure, dementia, and other cardiac disease, the unmet need for…

We are short shares of Virgin Galactic Holdings, Inc., often described as the only publicly traded space-tourism company. After going public in October 2019 by way of a merger with a “blank check” company, Virgin Galactic has seen its share price and trading volume soar. It’s become a retail darling, with day traders captivated…

We are long shares of UP Fintech, the holding company of Tiger Brokers, which we believe is positioned to become the Robinhood of China. Love it or hate it, you have to admit that Robinhood has created an enormous amount of value for its investors in a very short time: having debuted its trading app in 2015, the company…

We are short shares of Plug Power, a $40 billion provider of hydrogen fuel-cell solutions that’s set to generate a paltry $300 million in revenue in 2020 and trades at 40x its own aggressive revenue projection for 2024. The company’s stock has almost doubled in just the last few weeks, and has risen by 15x in the last year…