SahmAdrangi’sKerrisdale Capital Management is estimated to have raised about one hundred million dollars from investors to bet against a single stock. This is according to a source that is familiar with the situation. The investment is the first of its kind. It raises money that is used to fund particular investment thesis. This includes recovery of residential mortgage-backed securities and distressed energy companies. New Kerrisdale is a small firm that is based in New York. They have decided to utilize the money to shoot the stock of a soon-to-be-unveiled company. This is according to a report by Reuters.
Adrangi pointed that they have taken a company worth ten billion dollars, and they have put concise strategies in place in order to get everyone to understand the insights that they have about it. SahmAdrangi and Shane Wilson are working towards the development of a website, report, and a video to help convince others about their thesis. The target company is expected to be unveiled in mid-May. This was revealed by a source who spoke on the condition of anonymity because the said information was not intended for public release. The funds have already been used to buy stock to establish its position in the unnamed company as reported in a letter.
Kerrisdale Company is known to bet against companies over the years. It takes its case to the public. Short positions include Satellite Company Globalstar and Sage Therapeutics and Zafgen. Its major hedge fund usually places bets for and against company stocks. It has received a mean yearly return of about twenty-eight percent over the last five years. Sahm is the chief investment officer and the owner of Kerrisdale Capital Management. Adrangi has been involved in all aspects of developing the firm since its inception in 2009. He first launched the company with less than one million dollars. The company has currently expanded. It manages about one hundred and fifty dollars today. Mr. Adrangi is known for his publishing research and short selling capabilities. He has openly decided to seek to correct some widely circulated misconceptions about his business prospects.