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05/28/2012

Blogs for the Buyside: Bronte Capital


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Blogs for the Buyside

The problem with many financial blogs I find is that they seem to mainly offer brief comments on the day's major headlines. While these are helpful in giving the day's news some context, I had been pining for a fellow buysider to offer a submarine-deep dive into specific stocks.

I found it in Bronte Capital.

A small hedge fund manager out of Australia, John Hempton runs a hedge fund, Bronte Capital, that I had never heard of until I ran across his blog. I was immediately impressed by his ability to dive deeply into his target companies' accounts and come up with evidence that proved his unique thesis.

He has had some great successes on the short side with many Chinese stocks. Indeed, he was so successful that Reuters featured him as one of the “Shorts Who Popped China”.

But his expertise is not limited to China.  While Hempton is quoted in the Reuters piece as saying spotting alleged fraud in China was so easy, “...it was like shooting fish in a barrel,” he has moved on to more challenging prey—an Oklahoma-based oil and gas company that might have some unsavory relationships with a Connecticut hedge fund, Wexford Capital. You can visit the blog and go through his bearish thesis on an outfit called Gulfport Energy. Hempton has done the work that shows that there are a slew of potential conflicts of interest between it and Wexford.

I am going to be busy over the next few weeks doing my own deep-dive on Gulfport, attempting to build upon Hempton's evidence with my own work. The beauty of having a fellow buysider blog is that I am sure once I find some evidence that might not fit with Hempton's thesis I can post it to his blog and we will both be better off. Of course, you can do the same thing—why don't you join in the journey?

–Aram Fuchs

Aram Fuchs, General Partner, Fertilemind Capital, is captivated by the ability of the Internet to change buyside research. He founded a website called Capitalist Collective, where he invites finance professionals to share their research and learn from others.

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