Letter

Muddy Waters' initiating report on Sino-Forest

Muddy Waters Research · 2011

The model of the modern short report: allegations built from local records, site visits and filings, set out page by page against a company the market treated as established.

• Fraud and forensics
• Investing
• Markets

1 idea from this letter

• TechniqueFraud and forensics located

  The modern short report is built from local records, site visits and the filings

  A short thesis is a public claim set against a fact the company does not control, with the arithmetic that joins them shown.

  Short pitches, forensic work, and any thesis that depends on reported figures being false.