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Contrarian Calls, Revisited: Quintessential Capital’s Short of Akazoo

Published November 16, 2020

Gabriele Grego of Quintessential Capital Management used the inaugural Contrarian Investor Virtual Conference to announce his short of Akazoo (NASDAQ:SONG).

“We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” Grego said during the presentation. “We see signs of very suspicious accounting manipulation,” including cash inconsistencies and “a total lack of income taxes.”

What Happened

Akazoo shares sold off immediately after publication of Grego’s report. After closing the previous session at $2.53, SONG dropped to $2.22. A series of law firms quickly lined up to launch lawsuits against the company.

A week later the stock was trading at $1.14,. The company fired its CEO and Nasdaq suspended trading in its shares. On May 21, an Akazoo special committee of independent directors announced that management and associates “participated in sophisticated multi-year fraud.”

Nasdaq delisted the shares on May 27.

Akazoo has since become a poster child for SPAC misconduct, with the Financial Times devoting an article to Grego and his report (see below).

Shameless Plug Alert: The next iteration of the Contrarian Investor Virtual Conference, our fifth, takes place Dec. 10. Get tickets here.

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Short Ideas Move Stocks at Fourth Virtual Conference

Published October 23, 2020

Four presenters provided exclusive “best idea” short stock picks at the fourth Contrarian Investor Virtual Conference on Oct. 22, 2020. 

An audio recording was made available to premium subscribers. Become one here for just $8/month or $88/year (those prices will increase soon, as of Nov. 1). There are numerous other benefits to premium subscribers that are identified at the link above.

Rob Medd of Bucephalus Research kicked off the proceedings with his short thesis: ACS, Actividades de Construcción y Servicios, S.A. (PINK:ACSAF), a Spanish engineering firm. “There are multiple problems in multiple stages of this company,” Medd said. “We think it’s on its way … to a sort of recapitalization/self-liquidation.”

Wes of Glasshouse Research presented the firm’s 10th short campaign and second of the year, targeting Columbia Sportswear (NASDAQ:COLM). The 39-page report, titled “Columbia Sportswear Headed for a Rocky Fall (Under Armour Part Deux)” was subsequently posted on their website.

Columbia Sportswear reported third-quarter earnings after the close on Oct. 29. Earnings, revenue, and sales outlook all fell short of analyst estimates. COLM shares sold off by about 17% in the after hours session.

Watch Wes’ presentation below via our YouTube channel:

  • Siegfried Eggert of Grizzly Research had a short thesis about SPI Energy Co. (NASDAQ:SPI), calling the company an “egregious pump and dump.” The report is available on the firm’s website.
  • Adam Gefvert of White Diamond Research presented eXP Realty (NASDAQ:EXPI), a stock that has risen over 400% since mid-May. The real estate brokerage is “massively overvalued right now,” even after pulling back from its peak, Gefvert said. The presentation can be downloaded here. Or watch it here via our YouTube channel:

The next virtual investing event takes place Dec. 10. Individual tickets will be made available soon but in the meantime the so-called season ticket option is available. Subscribers get access to the next five events for the price of four.

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Contrarian Investor Virtual Conference No. 4 Set for Oct. 22

Published October 13, 2020

The Contrarian Investor Podcast, in partnership with ValueWalk.com and Breakout Point, will host the fourth Contrarian Investor Virtual Conference on Thursday, Oct. 22 at 9 a.m. EDT.

Get tickets here. Enjoy a 10% early bird discount until Friday, Oct. 16. Listeners of this podcast can get an extra 10% off by entering the code “contrarianpod” at checkout!

(Premium subscribers get an even bigger discount. Learn about premium subscriptions here.)

The event will feature exclusive stock picks from contrarian investors and last about two hours. It follows on the success of the first three events, which moved prices in a number of stocks.

The focus of this event is on short ideas, though there are likely to be some long ideas as well once we round out the roster of presenters.

How It Works

Panelists will present one (1) fresh stock pick each. These ideas must be contrarian in nature to qualify. Presenters get up to 20 minutes to introduce their idea, including slide decks if necessary. They are then asked to talk through some details by Nathaniel Baker, host of the podcast. Finally, audience members can ask questions through the webinar’s interface. Presentation materials, video recording of the event, and contact information of the presenters will be made available to attendees.

Featuring the following presenters:

  • Grizzly Research
  • Glasshouse Research
  • Bucephalus Research
  • White Diamond Research

Tickets

Tickets are limited. Full refunds are available up to 24 hours before the event.

Ten percent (10%) of proceeds from this event will once again be donated to the CDC Foundation to help the emergency response to the coronavirus.

New for This Event: 4+1 Ticket Subscription Package

Sign up for the next four events and get a fifth one free! As further incentive, we absorb all taxes and fees associated with this ticket type.

This package comes with additional benefits, such as a free subscription to ValueWalkPremium.com and a free premium subscription to this podcast!

More About These Events

The organizers feel they have established a practical model of investing conferences for the COVID age. The key is to have the highest quality investment managers, keep the sessions brief, and focus on actionable ideas that have not been disseminated before. The performance of stock picks from the conferences bear this out.

Presentations from the previous event can be viewed below.

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