Short Seller’s Paradise

Featuring John Hempton

John Hempton of Bronte Capital, notable for uncovering fraudulent and dubious accounting practices in multi-billion market cap stocks, joins Real Vision for an extended interview to discuss his short selling framework and the opportunities he’s seeing in the market, which includes as many shorts as he wants, but very few longs. Filmed in Sydney on November 9, 2017.

Published on
17 November, 2017
Topic
Investment Framework, Micro, Fund Structure
Duration
64 minutes
Asset class
Equities
Rating
30

Comments

  • KN

    Krister N.

    17 3 2018 18:17

    0       0

    BABA is a short on the Chinese market, not a fraud. TSLA is a better candidate.

  • RD

    Ron D.

    18 2 2018 19:32

    0       0

    amazing guy. you can tell the genuine joy he gets from what he does - nothing fake about it, no greed. The way he tells these amazing stories is the one of an amazed kid, looking at how stupid the world is.

    This is the type of stuff one is not hearing on the street. Great job RV ! Learned a lot.

  • RD

    Ron D.

    18 2 2018 19:32

    0       0

    amazing guy. you can tell the genuine joy he gets from what he does - nothing fake about it, no greed. The way he tells these amazing stories is the one of an amazed kid, looking at how stupid the world is.

    This is the type of stuff one is not hearing on the street. Great job RV ! Learned a lot.

  • CY

    C Y.

    7 12 2017 21:04

    3       0

    this dude is awesome

  • WM

    Will M.

    2 12 2017 16:22

    0       0

    Great stuff. Loved the stories and justifications. Bit of a strange hard cut off though?

  • AG

    Alexander G.

    30 11 2017 17:41

    2       0

    very enjoyable

  • JH

    Joel H.

    27 11 2017 00:51

    3       0

    Wow, amazing. Learned alot on this one!

  • AE

    Alex E.

    26 11 2017 01:28

    0       0

    Good interview, but I found it disturbing. Disturbing that John and his team were able to find so many shorting opportunities in Canada. I, however, am not surprised. Given how tiny the budgets are for individual provincial securities offices, enforcement is virtually non-existent. During the Harper government years, an effort to create a national SEC was tried but failed due to inter-provincial pissing matches and general bickering amongst the various offices themselves. Now we know the repercussions! Hey, Fraudsters, Cheats and snake-oil salesman of the World, come to Canada where you can get away with bloody murder...

  • KB

    Keith B.

    23 11 2017 00:28

    2       1

    “Found Sino Forest from your database? We... found it... through a lawyer.” As opposed to giving creds to MW like he already did in his blog: http://brontecapital.blogspot.co.uk/2011/06/muddy-waters-finest-take-on-chinese.html?m=1

    Hugely entertaining, but on occasions a bit like a grandmother’s fart: 40% air, 60% crap

  • DC

    D C.

    22 11 2017 20:11

    2       0

    Fascinating interview. But the Aussie accent requires a few more takes before I get what he is actually saying. The transcript definitely helps!

  • MM

    Mark M.

    22 11 2017 10:16

    2       0

    What a great incite into the rouges of this world and to know that someone is out there on the crusade to expose them, if I get a wish list of people that you would like to be stuck on a deserted Island with John Hampton will be one of those persons
    As this world wide bubble of all things keeps getting more profound JH will be an invaluable man to be listening too
    What an incredible mind RV need to reschedule that Aussie!

  • MS

    Matt S.

    22 11 2017 07:40

    1       0

    Classic RVTV - none of the CFR stuff.......... ;)

  • NG

    Nitin G.

    21 11 2017 22:33

    5       0

    I'm a great fan of John's work and been following him for while. His stories as insightful while being funny but I think he should have delved more on the process. For example, how should one approach in digging the history of the management, which eventually becomes a pointer for further research.

  • SB

    Stewart B.

    21 11 2017 22:19

    1       0

    Brilliant!

    It just goes to show how lazy and incompetent the regulators are.

  • VP

    Vincent P.

    21 11 2017 20:27

    4       0

    I knew those dating sites were fake and lopsided! I knew it! Short sellers are a keen bunch and brave too! Great interview.

  • GM

    Greg M.

    21 11 2017 16:16

    13       0

    I liked the interview. My only issue with the video is the interview seems like it was cut short. Very awkward ending.

  • JL

    John L.

    21 11 2017 14:09

    1       0

    Fantastic, Fantastic, Fantastic!

  • DY

    Damian Y.

    21 11 2017 12:19

    3       0

    Great interview. John is a very charismatic and entertaining character who should write a book about his experiences as a short seller. I'm sure it would make the best sellers list.

  • JR

    Jon R.

    20 11 2017 22:50

    2       4

    Entertaining though I'm always more interested in actionable ideas. Would have preferred to hear a follow up on Verizon that he highly touted in his last RV interview.

  • BP

    Bob P.

    20 11 2017 20:55

    1       7

    Judging from all the accolades, this must have been over my head. My take aways are: 1) the world is full of shysters that would like to separate you from your money, 2) getting you to invest with them is a time honored shyster tactic, 3) tigers don't usually change their stripes, and 4) if you keep track of securities shysters and short their endeavors you MAY make some money - IF you are really good at managing the risks involved with short trades (like the guys at Bronte). While entertaining, I did not glean any thought provoking or useful insights from this interview.

  • SB

    Sean B.

    20 11 2017 17:53

    6       1

    Outstanding!

  • AK

    Anthony K.

    20 11 2017 14:53

    3       0

    More like this please - thought provoking with lots to follow up on. Less on gold, oil and marijuana lah.

  • TF

    Terry F.

    20 11 2017 11:18

    2       0

    Great interview. I will be going through the transcript on this one. More like this.

  • DK

    D K.

    20 11 2017 09:50

    3       1

    Bring on more short sellers. Market will soon belong to them!

  • am

    amit m.

    19 11 2017 19:24

    9       0

    This is a classic. Should have had it go longer. Non linear thinking at its finest

  • MM

    Michael M.

    19 11 2017 18:31

    5       1

    If Winston Churchill was a trader we'd get John Hempton. Brilliant. Incredibly entertaining.

  • ao

    alex o.

    19 11 2017 14:16

    0       2

    Wow! Seriously intriguing but also kind of says "go with what you know" between the limes. Anal leakage and ghonnaria(sp?) aside.

  • FM

    Faris M.

    19 11 2017 07:47

    0       0

    What do you think that $400Billion market cap short is? My guess is FB as that coincides with what else we've been reading on RealVision.

  • PN

    Philip N.

    19 11 2017 04:11

    2       0

    Sino-Forest sounds really familiar. Was there an interview about forest companies where it came up?

  • AG

    Amir G.

    19 11 2017 02:32

    3       1

    One of the more interesting interviews except that I think his opinion on one topic is quite biased and totally misrepresented.
    He mentioned Toronto and Vancouver, yet he didn’t give a single specific example like he did for China, England, and other markets... I was in Sydney, Australia recently and saw how the properties market there is so artificially inflated that prices on average are 2.5 to 3 times higher than Toronto. The SEC in Canada is actually highly regulated and in many cases much stricter than the States. All in all, statements need to be backed up with factual points.

  • RA

    Robert A.

    19 11 2017 00:04

    2       0

    Great anecdotal “heads up” on where we are in the cycle....when a Long fund that shorts on the side can’t find ANY longs and is knee deep in shorting opportunities—well, you easily get the picture! Could have used the camera staying on the 4 bullet points après the interview for a few seconds longer as I just couldn’t read them that fast....I really like to review those ending bullet points to see if they match up with my own take-aways. Excellent material there guys....enjoyable to watch and some nice take-always as well!

  • ZH

    Zack H.

    18 11 2017 23:17

    7       0

    Marc Cohodes would be a great follow up to this 1, get him on!

  • DH

    Dominick H.

    18 11 2017 19:43

    4       0

    One of the best. Please bring him back again

  • BV

    Bryan V.

    18 11 2017 19:10

    0       0

    This guy could probably make more money by publishing his stories on shorting nasty people. He is literally piggy backing on the con men and placing bets against the suckers who fall for it. Brillia

  • VS

    Vaibhav S.

    18 11 2017 16:15

    1       0

    This is awesome

  • AH

    Andreas H.

    18 11 2017 15:17

    1       0

    wow, great interview...

  • PB

    Pieter B.

    18 11 2017 13:06

    3       0

    Brilliant piece! Love the uncanny language and view;)

  • TA

    Tajassas A.

    18 11 2017 11:32

    3       0

    Loved it. Fantastic.

  • JD

    John D.

    18 11 2017 10:53

    3       0

    One of Your Best...

  • ii

    ida i.

    18 11 2017 10:45

    2       0

    EXCELLENT

  • ii

    ida i.

    18 11 2017 10:45

    3       0

    EXCELLENT

  • SP

    Sat P.

    18 11 2017 06:48

    9       0

    This is why I signed up for Real Vision, to get information you can't find in MSM.

  • JM

    John M.

    18 11 2017 06:32

    5       1

    Would love to know the name of the company owned by Russian mafia which is a short candidate!

  • SP

    Steve P.

    18 11 2017 05:10

    6       0

    Absolutely unmissable - great stuff RV. This REALLY adds knowledge value that helps investment decision making.

  • JN

    Jill N.

    18 11 2017 03:21

    8       0

    Love his stories & anecdotes as he takes you on a journey of the underwold , well done RV & Grant for bringing John to us

  • RM

    Robert M.

    18 11 2017 02:25

    2       0

    Great turn of phrase and analogies, very entertaining and credible.

  • DG

    Don G.

    18 11 2017 01:43

    4       0

    This is gold. Let it run.

  • TS

    Tyler S.

    17 11 2017 23:19

    8       1

    good watch, hard end

  • tw

    tam w.

    17 11 2017 23:09

    2       0

    How big is his fun and how has his performance been

  • tw

    tam w.

    17 11 2017 23:06

    15       0

    Great listen, thanks. It's sounded like john had a lot more to say . Why did you cut it and not let run?

  • BA

    Ben A.

    17 11 2017 22:59

    5       1

    Brilliant! Thanks RV. Matt pitches his interview very well, and John is the type of guy you want to listen to all day. This is the RVT.

  • JM

    Justin M.

    17 11 2017 22:36

    4       0

    This interview is packed full of great insights. Well done. Thank you for sharing.

  • md

    mike d.

    17 11 2017 21:36

    13       1

    I must say I learned more from this video then all the information provided by macro insiders so far. I look forward to more great info like this, also more actionable ideas. hopefully this site will make up for macro insiders.

  • ma

    marko a.

    17 11 2017 21:14

    15       1

    wait, wait...was this the best interview ever on RV?
    Brilliant!

  • an

    adrian n.

    17 11 2017 20:14

    0       0

    Stories about dodgy characters and how they, and their businesses unravel. It's the quirks and foibles of humanity that compound to such extremes which make this so fascinating. Shorting opportunity? Even with all Johns info the idiotic market goes against him. Unless he calls up the BBC to give them an expose.

  • HJ

    Harry J.

    17 11 2017 20:04

    2       0

    Makes me paranoid!!!

  • SW

    Scott W.

    17 11 2017 19:59

    17       1

    THIS is why one pays for RealVision!

  • MB

    Max B.

    17 11 2017 19:26

    4       1

    Had me in stitches...well done :)

  • VM

    Vinnie M.

    17 11 2017 19:04

    2       2

    I feel smarter already!! Adventures in Finance, Macro Voices and WE STUDY BILLIONAIRES check out -- I just signed up THINKTANK so I'm in with these guys!!! when I make some money with these products I'll get the $3000 newsletters!!!! GREAT PRODUCTS GRANT and RAOUL

  • HH

    HODL H.

    17 11 2017 18:42

    2       0

    What is his 100bn fraud?? Anyone have ideas?

  • EH

    Eric H.

    17 11 2017 18:16

    0       0

    awesome vid...really diverse conversation!

  • VK

    Vladimir K.

    17 11 2017 18:08

    3       0

    Cupid story was hillarious :).
    I liked the details of other shorts, very unusual perspective, thank you for the interview.

  • GS

    George S.

    17 11 2017 17:35

    10       0

    John Hempton - the evil older brother of Russell Clark. Brilliant insights into portfolio construction and risk management. Also, as usual, John is extremely engaging.

  • CM

    C M.

    17 11 2017 16:37

    1       13

    He is a little sanctimonious for my taste. This was the John H lecture/commercial...

  • SS

    Sam S.

    17 11 2017 16:32

    2       0

    Additionally, would like to know of his data of Marijuana Companies as most of these public companies seem to be ripe for shorting.
    Any info hugely appreciated. Thx!

  • SS

    Sam S.

    17 11 2017 16:30

    4       0

    Mr. Hempton is a man who cuts thru the BS, creates more fun informing us of what's behind the curtain. I had a ball watching, listening and will watch this again shortly. I am interested in his comments on Medicis Pharma as to whether they were included in his list of bad guys, as I'm in Scottsdale, AZ and know of the founder by news only, who was well respected. I would love to learn more and more about and from Mr. Hempton. First Class piece!

  • SS

    Stephen S.

    17 11 2017 16:17

    12       0

    Could listen to this for hours, he should write a book.

  • HH

    HODL H.

    17 11 2017 16:00

    6       0

    Awesome video.

  • TD

    Tom D.

    17 11 2017 15:53

    15       1

    John Hempton’s stories are hilarious, wonderfully entertaining, and educational.

  • JH

    Jesse H.

    17 11 2017 15:45

    8       0

    Very entertaining and interesting...my favourite line has to be, "...these are men who you wouldn't want to marry your daughter" when describing companies they short. Lol. Absolutely brilliant.

  • JS

    John S.

    17 11 2017 15:34

    1       0

    Wow, excellent job bridging the theoretical with the practical! Great examples of the pitfalls of being right, but getting killed anyway. Illuminating on shale.
    Does anyone understand how the "cost of shorting" changes and what the cost is comprised of, beyond dividends?

  • CL

    Cameron L.

    17 11 2017 15:04

    92       0

    Brilliant ! This is why i signed up to RV. Full length 60min in-depth brilliance, dissecting the frameworks and thought processes of fantastic minds. This is what we regularly had in 2015-2016 with RV, please bring more of these types of interviews back !

  • RM

    Richard M.

    17 11 2017 14:54

    22       0

    Fascinating interview! One interesting thing about this segment, other than the great "inside" stories of some of these frauds that he shorted, I have noticed that true "honest and upright" short sellers (eg, Fleckenstein, Cohodes, Chanos, Einhorn, etc) are almost always incredibly smart, nice, and funny people (and I would add Hempton to this list). Even though they are sometimes claimed to view the world (investment world at least) thru a dark prism, they almost always seem to have a sunny perspective on the "real" world (ie, non-investment world). I really like that!

  • DS

    Dan S.

    17 11 2017 14:44

    0       0

    Penny Stock Preventer? Professor? What was it?

  • RL

    Radu L.

    17 11 2017 13:19

    0       0

    http://pennystockprofessor.com/ is down, their page on FB is last updated in 2010

  • JS

    John S.

    17 11 2017 13:04

    4       0

    Superb

  • TJ

    Terry J.

    17 11 2017 12:10

    13       0

    I always enjoy listening to John's valuable insights. Apart from being an incredibly interesting and successful investor, he provides an invaluable reminder of how many crooks and sharks infest our markets, and why there is never any substitute for personal exhaustive research and due diligence. Thank you RVTV.

  • Nv

    Nick v.

    17 11 2017 11:35

    14       0

    Entertaining and educational. Great job

  • js

    jacob s.

    17 11 2017 11:09

    13       0

    great stuff