I've been reading their research reports and I'm very impressed with their findings and ability to move stocks. Just seeing what WSO thinks about Citron Research.
I've read that Andrew Left makes Citron's revenue from their shorts, but their website just says they provide commentary? Is Citron a hedge fund or…? And are their holdings/financial statements available to the public?
Also, his track record is pretty damn good, very impressed.
Here's their website: http://www.citronresearch.com
I'd say mixed overall - some great calls (e.g. CCME), but total swing and a miss on QIHU - which he was very loud about. Got paid on SOHU long but that was M&A (Tencent Soso + SOHU Sogou merged into Sogou), so mixed there.
He's a crank, but I love him. Often more style than substance and some of his pre-publication trading crosses a line or two, but overall I think he does a public service. Good luck getting borrow on MDBX though. And IMO he wasn't actually wrong on the merits with QIHU.
What are you referring to on QIHU? He thought their webgame ARPU was inflated, turns out others in the ecosystem have the same ARPU (e.g. Forgame) - he thought if you dont have URL tracking on a nav site then they're free links (welcome to the Internet, we have Referer headers). The main thing he got right on QIHU is that the CEO is shady, but (un)fortunately in China that's par for the course.
Forget if it was Left or someone else pointing it out, but mgt has never really refuted the fact that QIHU overstates its browser and security market share. Yes, he was wrong on the gaming ARPU point, but portal monetization is still inexplicably higher than the rest of the industry even though the per-link calculation was wrong. All investors care about is the promised search monetization, which is also predicated on questionable traffic/share data.
Well BIDU will tell you QIHU and Sogou search share are overstated by CNZZ :). Search monetization is a long road, but even if they have 10% share (and not 25%), thats still quite a bit of LT revenue relative to their existing base (using BIDU as reference). I do tend to struggle with this name, as there are several reasons it should be a good long (decently positioned on mobile, search optionality), but the CEO is just so shady.
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