Sahm Adrangi’s Kerrisdale Capital, which made a name for itself and some impressive returns for investors by shorting US-listed Chinese shell companies, has singled out ClubCorp Holdings Inc (MYCC) as its next big short target. Sahm Adrangi, Portfolio Manager, Kerrisdale Capital Kerrisdale’s report on the company, which was released early this morning, singles out ClubCorp as a highly levered golf-course roll-up facing three profound challenges: a secularly declining end market, weak unit-level profitability, and no economies of scale. ClubCorp Holdings Inc: Facing a number of headwinds The short thesis is centred around the structural changes facing the golf market within the…
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