Kerrisdale CapitalCopy Anchor Link

Kerrisdale CapitalCopy Anchor Link

Kerrisdale Capital is a New York-based long/short hedge fund founded by Sahm Adrangi in 2009, known for publishing detailed, public research reports on both its short and long theses. Its "letters" are in fact single-name research reports, each a full valuation write-up with the position disclosed in a disclaimer.

The short bookCopy Anchor Link

Kerrisdale's shorts are fundamentally-driven — overvaluation or a broken business model, not mechanical short-selling-mechanics. A typical short thesis quantifies the downside explicitly, as in the 2016 DISH report:

"Overall, we believe that the fair value of DISH's equity is 58% lower than the current stock price – and, in a reasonable downside scenario, more than 80% lower."

The 2024 MicroStrategy report is a pure capital-structure arbitrage framed as a pair trade, long the underlying and short the wrapper trading at a premium to it:

"We are long bitcoin and short shares of MicroStrategy, a proxy for bitcoin which trades at an unjustifiable premium to the digital asset that drives its value."

The long bookCopy Anchor Link

Kerrisdale is not short-only; a parallel stream of reports argues the long side, often on underfollowed value names:

"As a result, we think AMERCO should be worth between $270.00 and $330.00 per share, compared to $185.00 today, implying approximately 45% to 80% upside from today's trading levels."

This two-sided record — short overvaluation and long undervaluation — is why the corpus files Kerrisdale under kerrisdale-vs-long-only-views and contrasts it with the long-only compounders.

MethodCopy Anchor Link

Kerrisdale's reports are the corpus's clearest example of the short-seller's craft applied with public evidence: SEC filings, industry data, and explicit scenario math, with the fund's economic interest disclosed. Its frequent targets — hype-driven or structurally challenged names — sit opposite the moats the long-only investors in this corpus seek, and its "cheap but broken" targets are the live risk the value-traps page warns against on the long side.

Corpus coverageCopy Anchor Link

raw/investor-letters/Kerrisdale/Letters-Markdown/ holds 74 reports spanning 2013–2026 (the archive manifest counts 74 memos; the log notes ~75 research letters including the presentation duplicates), a continuous record of the fund's public output. Reports are dated by publication month; figures above are quoted from the reports themselves, not the SEC cache.

See alsoCopy Anchor Link

• short-selling-mechanics — the mechanics beneath the short theses
• value-traps — the "cheap but broken" trap, the inverse of Kerrisdale's longs
• kerrisdale-vs-long-only-views — its contrast with long-only compounders
• julian-robertson — the earlier long/short buy-the-best-short-the-worst lineage
• capital-structure and special-situations — the MSTR pair trade and catalyst-driven shorts

Investment philosophyCopy Anchor Link

The compiled, source-grounded version of this investor's beliefs lives at investment philosophy.

SourcesCopy Anchor Link

• investor-letters/Kerrisdale/Letters-Markdown/2016-05 - DISH Network Corporation (DISH).md
• investor-letters/Kerrisdale/Letters-Markdown/2024-03 - MicroStrategy (MSTR).md
• investor-letters/Kerrisdale/Letters-Markdown/2013-10 - AMERCO (UHAL) - Full Writeup.md