Olam: Not Changing the Old Ways

We continue to believe that, in a world where capital is allocated to maximize economic efficiency, Olam’s shares have no value. The Company has simply borrowed too much money, and then invested in projects that will not generate sufficient returns to repay its debt obligations. In this note, we w… more

Muddy Waters Offers to Pay for Olam Debt Rating

Olam’s response to our November 27th report is remarkable in that, despite being 45 pages long, it fastidiously avoids addressing the vast majority of our points. The response is essentially a waste of toner, as much of it consists of canned presentation slides and consultant drivel. Where Olam’s re… more

Muddy Waters Reaction to Olam Frantic Response

To Olam CEO Sunny Verghese and the Board of Directors: In the two and one-half years Muddy Waters, LLC has been openly criticizing publicly-traded companies, we have not seen a response as defensive as yours - not even from Sino-Forest. On Monday, our Director of Research gave a brief talk on Ol… more