“Activist” short-seller Andrew Left who created StockLemon.com is not a fan of cryptocurrency, judging from his comments on July 11th.
Left is “an activist, short seller, author, and editor of the online investing newsletter Citron Research, formerly known as StockLemon.com.” Under the moniker, Citron Research, Left and his investigative team produce reports on allegedly overpriced and fraudulent companies. He is well-known for counselling investors on short selling and has often appeared on CNBC and Bloomberg to discuss his stock market ideas.
The New York Times Magazine ran a piece titled “The Bounty Hunter of Wall Street” about Left on June 8, 2017.
The document stated: “After placing a wager against the price of a stock, he releases research intended to destroy the company’s worth, often by circulating allegations of fraud or abuse. This is permissible so long as the information he discloses is not dishonest. Left takes short positions in firms in a wide variety of sectors, including Tesla, Valeant, and GoPro, and despite making errors, he has an abnormally high percentage of success.
Yesterday, Reuters reported that when asked where he saw possible fraud at “a seminar on fraud in financial markets,” Left informed the audience: “I believe crypto is nothing more than a repeated scam,”
The Reuters story also said that “last year, he declared that his organisation would cease releasing studies detailing companies’ flaws and instead focus on writing about companies he believed were potentially worth purchasing.”