This is the second episode of our Kase Learning Shorting conference coverage. Ebix has been a battleground for much of the decade, and also a big winner for bulls. Mads Thamsborg of Bodenholm Capital joins Behind the Idea to share his case for why the second fact is going to change. A leveraged balance sheet, a roll-up story unwinding, and accounting red flags? Makes for a classic short case and a classic Behind the Idea discussion.
Topics covered:
2:15 minute mark – Thamsborg's background and getting into the EBIX short case 4:45 – Why does this work as a short now when EBIX has been a battleground so long (and a runaway train for shorts)? 9:45 – IPOing their Indian business, and the threats to the short thesis 13:45 – What’s going on with the stock now, and how does that change the positioning for the short? 16:45 - Mechanics of starting the short given what's happened in the past with Ebix 19:45 – Thoughts on shorting battleground or high short interest names 23:00 – Which shorts have gone wrong?
