The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy, battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, VP of Content at Investing.com and someone who has seen thousands of investing pitches and ideas and how they play out over the past decade. The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.
Episodes
Tuesday Jun 01, 2021
Tuesday Jun 01, 2021
A couple weeks ago, Akram released a short thesis on Yalla, calling out an odd business model and then some major issues with the platform - duplicative accounts, low engagement, glitches with the gifting model, etc.
On this week's episode we recap that short thesis for those who haven't heard it yet, but then we also go into the aftermath. What's it like to have another short report come out in the same week? Where are the bulls? What about that buyback announcement? And where can this go?
Topics Covered
- 4:00 minute mark – Background on the Yala case
- 7:15 -How Yala works
- 13:30 – The content creation red flags
- 18:30 – What's the deal with gifting?
- 25:00 – The circle that won't square
- 32:00 – Thoughts when another short (or three) enters the debate
- 37:30 – Lack of bulls and the company response
- 43:15 – Where does this go from here?
- 49:00 - An alternative playbook
- 54:30 - The state of shorting and why this one is different
Reading material
- Akram's Razor's presentation on Yalla - https://www.dropbox.com/s/wntrsycechmyxj9/YallaPrez.pdf?dl=0 and update - https://www.dropbox.com/s/y4wihdy3f7zjz6a/Yalla%20FollowUp.pdf?dl=0
- Swan Street Research's presentation on Yalla - https://www.swanstreetresearch.com/post/swan-street-is-short-yalla-group
- Yalla's press releases in repsonse: Standard refutation - https://seekingalpha.com/pr/18325971-yalla-group-limited-responds-to-short-attack-reports - and stock buyback announcement - https://seekingalpha.com/pr/18328269-yalla-group-limited-announces-up-to-us-150-million-share-repurchase-program
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