About Us - Performance

In an average year, we produce eight to ten in-depth reports and approximately sixty ideas in a format that we call Most Dangerous Companies. Our ideas have generated absolute and relative returns in excess of 15% in both of these types of reports - with returns in the past two years significantly better than that. We have consciously avoided the crowded macro short themes, such as housing and credit, thinking that we can add more value and more diversification by focusing on companies that are off the radar screen.

We believe that we have the best long term performance record of any fundamental short selling research firm. We know that our ideas have beaten the market significantly since inception. And possibly even more importantly, the current principals have produced all of the work that has yielded such exemplary results. In our case, the good analysts haven't been hired away.