We believe that great research should spark conversation. In this section, you’ll find written research that we make freely available to showcase our research process and writing.
Carvana – the Gotham and Hindenburg short reports interrogated
When I opened Gotham City’s research expose on Carvana the other week I must say I was excited to read what I hoped would be the final coup-de-grace which would expose once-and-for-all Carvana’s allegedly fraudulent and misleading accounts and related party self dealing. Unfortunately I was disappointed.
The UK government’s confused messaging on housebuilding, and the delayed budget haven’t helped. That’s helped Ibstock remain in the top 5 registered UK shorts over the past few months (number 2 as of pixel time). I wanted to investigate if this is justified, and what the rationale is for the short going forward.
RH - surfing the luxury wave or creating expensive liabilities that the business can't cover? So far the European stores (galleries) look like expensive white elephants
Given the ‘26 bonds are offering a yield of nearly 30% and are now current, Tullow very much may end up depending on “the kindness of strangers”. Even if it does, a net debt balance that remains stubbornly high, with minimal liquidity means any debt restructuring would likely lead to massive equity dilution or wipe-out.
