Fraud & Skepticism
Every idea in Doomscholar on fraud & skepticism. Open any one to read it in layers, with its sources.
- Adani Group: How the World's 3rd Richest Man Is Pulling the Largest ConHindenburg ResearchHindenburg's claim: the Adani Group engaged in stock manipulation and accounting fraud over decades. Adani denied it, and India's market regulator dismissed key allegations in 2025.
- Enron Short ThesisJim Chanos / KynikosEnron's returns didn't cover its cost of capital and its accounting was opaque; the equity was worthless.
- Fooling Some of the People All of the Time (Allied Capital Short)David Einhorn / GreenlightEinhorn's claim: Allied Capital used aggressive accounting to overstate the value of its illiquid investments.
- Hanlon's RazorRobert J. HanlonNever attribute to malice what is adequately explained by carelessness.
- Lehman Brothers Short Thesis (Ira Sohn)David Einhorn / GreenlightLehman's balance sheet is opaque and undercapitalized; its marks on illiquid assets are not credible.
- Luckin Coffee (Anonymous Report)Muddy Waters / Carson BlockLuckin Coffee fabricated sales figures; the growth story is a fraud.
- Nikola: How to Parlay an Ocean of LiesHindenburg ResearchHindenburg's claim: Nikola is an 'intricate fraud' built on false claims about its technology, including a truck rolling downhill in a video.
- Owner EarningsWarren BuffettThe number that matters for valuation is not reported earnings or 'cash flow' but owner earnings: reported earnings, plus depreciation and other non-cash charges, minus the capital spending needed just to hold the business's competitive position. Skip the last subtraction and you are pricing the business as if it were the Pyramids.
- Scion Capital Letters (Subprime Short)Michael BurrySubprime mortgage-backed securities will collapse; buy CDS protection against the housing bubble.
- Sino-Forest Corporation (Strong Sell)Carson Block / Muddy WatersMuddy Waters' claim: Sino-Forest overstated its timber assets, and the equity was worth a fraction of its price.
- The World's Largest Hedge Fund Is a FraudHarry MarkopolosBernard Madoff's impossibly smooth returns are mathematically inconsistent with any real strategy; the fund is either front-running or a Ponzi scheme.
- Valeant: The Pharmaceutical Enron?Andrew Left / Citron ResearchCitron's claim: Valeant used a specialty pharmacy, Philidor, to book sales in an Enron-style scheme.
- Who Wants to Be a Millionaire? (Herbalife Short)Bill Ackman / Pershing SquareAckman's claim: Herbalife is a pyramid scheme that regulators will shut down, and the stock is worth zero.
Keep these, don't just read them
The app brings each idea back just before you'd forget it, with a quiet daily reminder.