Muddy Waters Research | Due diligence-based equity research on Chinese companies

Doing the Work
Wall Street Won’t

Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements.

CPI Property Group S.A.

CPI Property Group S.A. (CPIPGR): MW Questions for CPI PG’s April 8th Annual Results Conference Call

In an open letter to Mr. David Greenbaum, Muddy Waters submits the following questions with regards to CPIPG’s 2023 annual results.… more

Fairfax Financial Holdings Ltd.

Muddy Waters’ Questions for Fairfax Management on the Q4 2023 Call (FFH:CN)

Because Fairfax noted that we had not previously asked questions of its management on its calls, we hereby submit a list of questions and requests for disclosures to the benefit of all investors (including Muddy Waters, which remains short).… more

Fairfax Financial Holdings Ltd.

MW is Short Fairfax Financial Holdings Limited (FFH:CN)

Muddy Waters is short Fairfax Financial Holdings Limited (FFH:CN) because we find that Fairfax hasconsistently manipulated asset values and income by engaging in often value destructivetransactions to produce accounting gains. We believe a conservative adjustment to book value should be ~-$4.5 billi… more

CPI Property Group S.A.

CPI Property Group S.A. (CPIPGR) Part 3: “The Kind of Fella I Am”

Muddy Waters is short the credit of CPI Property Group ("CPI PG"). To date, we've shown how CPI PG's controlling shareholder, Radovan Vitek, has stripped the company of assets and how CPI PG has significantly inflated the values of its investment properties. In this Part III, we're showing a seri… more

CPI Property Group S.A.

CPI Property Group S.A. (CPIPGR) Part 2: Overvalued Assets, Overstated Occupancy

Muddy Waters is short the credit of CPI Property Group ("CPI PG"). CPI PG's Berlin office portfolio appears significantly overvalued based on the divergence in its valuation from overall German market trends. This Part 2 addresses CPI PG's valuations of its purported €19.2 billion investment propert… more

Blackstone Mortgage Trust Inc

Here Comes the Cliff! (BXMT US)

Muddy Waters is short Blackstone Mortgage Trust (BXMT US). Interest rate swaps and manipulated risk ratings / loss provisions have obscured serious deterioration in BXMT's loan book. Muddy Waters believes that starting in 2024, as an estimated $16 billion of swaps terminate, the following problems w… more

CPI Property Group S.A.

Dear CPI PG: Please Explain How Vitek Isn’t Asset-Stripping the Company

On November 21st, we began the process of publishing our findings on the myriad issues inherent in CPI Property Group that should call into question how a company operating in this manner could maintain an investment grade rating. CPI PG has thus far failed to provide alternative explanations for th… more

CPI Property Group S.A.

MW is Short the Credit of CPI Property Group S.A. (CPIPGR)

Muddy Waters is short the credit of CPI Property Group ("CPI PG"). We conclude that CPI PG's controlling shareholder Radovan Vitek ("Vitek") has been brazenly looting the company while significantly overstating the value of its assets. CPI PG's corporate governance is farcical. We are also concerned… more