Sahm Adrangi Short CarGurus (CARG) – Kase Learning Shorting Conference

Full transcript of the CarGurus (CARG) short presentation by Sahm Adrangi of Kerrisdale Capital at the Kase Learning Shorting Conference.

Q3 hedge fund letters, conference, scoops etc

Sahm Adrangi: CarGurus (CARG) short presentation – Kase Learning Shorting Conference

Transcript

Thanks Whitney for the kind introduction. Gabriel’s. Presentation definitely brought back memories of some of the fraud in China especially in the early period of that time. Some of the shell companies there. The fraud was equally as egregious. So my name is Tom draggy I’m the CIO and founder of Kierstead capital. We manage 300 million in assets under management in operation for about 10 years. It’s an honor to be invited to this conference. The presentations of the May conference were excellent and looking at the speakers list this time around should be equally full in that May conference we present. Paul QuinStreet QuinStreet was a QuinStreet is a tech business where we think it’s generating revenue from a fair amount of ad fraud and that has a variety of other Adtech verticals that we think have no long term sustainable advantages. Tech is a good fit for the type of work that we do. We focus a lot. I think sometimes when we speak with prospective investors you know many many folks think they’re short activism is really about finding fraud such as the one that Gabriel was presented on. But in actuality most of the work that we do analogs for doctors to tackle complicated companies in opaque industries where there are a lot of new trends. You’re much likelier to find an attractive short Activists Target and renewable energy in 2011 or solar in 2013 or Canada’s in 2018 than you are in a consumer staples company such as Clorox or Colgate. And when we were working on QuinStreet it became clear to us that it was not going to be the last tech business that we would work on. And there has been some activism in the space notably curtailed by Gotham Gotham City in 2017 and I think over time you know you’ll see you’ll see more so for the sake of continuity you know relative to our last presentation in the May conference. We’ve decided to present on another Adtech business this time around and I’m just going to skip through all the intro slides to get to it. The one thing I will say is if you haven’t subscribed to our research visit our website Icare still cap you can subscribe to our email list. We distribute our research reports via those email lists and then also on Twitter. About 28000 followers on Twitter our Twitter handle is carrousel we’ll take a few seconds.

OK.