Canonical · Fraud & Short Cases · Deck
Who Wants to Be a Millionaire? (Herbalife Short)
Bill Ackman / Pershing Square · 2012
"Herbalife is a pyramid scheme that will be shut down by regulators; the stock is worth zero."
In 2012, Bill Ackman launched a $1 billion short campaign against Herbalife, calling it the best-managed pyramid scheme in history. He argued the company made its money by recruiting distributors, not selling actual nutritional shakes.
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Enron Short Thesis
"Enron's returns didn't cover its cost of capital and its accounting was opaque; the equity was worthless."
Jim Chanos / Kynikos · ResearchContinue→