We kick off our Kase Learning Shorting Conference coverage with a joint interview of Gabriele Grego of Quintessential Capital and Nate Anderson of Hindenburg Investment Research. They followed the trail of Aphria's recent acquisition binge, and what they found raised more questions and concerns. Through a combination of a close read of publicly available documents and on the ground research in three different countries, the pair reached a fairly bearish conclusion about Aphria's business. Mike Taylor talked with them about how they did their work and what they learned along the way.
Topics covered:
4:15 – Aphria’s acquisition strategy and questions about their dealing 7:15 – International shoe leather research on those acquisitions in Jamaica 13:45 – Finding disconnects between signatures and the people behind them 16:15 – Background on Aphria’s management and another example of why no one should ever post on social media ever 19:45 – Shoe leather research in Argentina 24:45 – Bringing two different research approaches together 30:15 – Takeaways both for the Aphria case and for investing generally
