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	<title>FT Alphaville &#187; Muddy Waters</title>
	<atom:link href="http://ftalphaville.ft.com/tag/muddy-waters/feed/" rel="self" type="application/rss+xml" />
	<link>http://ftalphaville.ft.com</link>
	<description>FT Alphaville - Market Commentary - FT.com</description>
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		<title>It&#8217;s a tough short life</title>
		<link>http://ftalphaville.ft.com/2012/12/06/1299081/its-a-tough-short-life/</link>
		<comments>http://ftalphaville.ft.com/2012/12/06/1299081/its-a-tough-short-life/#comments</comments>
		<pubDate>Thu, 06 Dec 2012 17:20:03 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[Carson Block]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>
		<category><![CDATA[Sino-Forest Corporation]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1299081</guid>
		<description><![CDATA[<p>Muddy Waters&#8217; Carson Block has made some big claims about the companies he and his colleagues have targeted and shorted, <a title="Muddy Waters (finally) publishes report on Olam - FT Alphaville" href="http://ftalphaville.ft.com/2012/11/27/1283253/muddy-waters-publishes-report-on-olam/" target="_blank">the latest of which is Olam</a>. But the extent to which the market has been willing to follow his trades has been falling. More importantly, the willingness of sovereigns to support their listed companies has been rising. The combination of the two suggests shorting Block-style is getting less profitable. </p><a href="http://ftalphaville.ft.com/2012/12/06/1299081/its-a-tough-short-life/" class="more-link">Continue reading: It&#8217;s a tough short life</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Not what the Singaporeans ordered&#8230;</title>
		<link>http://ftalphaville.ft.com/2012/12/04/1296183/not-what-the-singaporeans-ordered/</link>
		<comments>http://ftalphaville.ft.com/2012/12/04/1296183/not-what-the-singaporeans-ordered/#comments</comments>
		<pubDate>Tue, 04 Dec 2012 10:46:52 +0000</pubDate>
		<dc:creator>Paul Murphy</dc:creator>
				<category><![CDATA[Carson Block]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>
		<category><![CDATA[SGX]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1296183</guid>
		<description><![CDATA[<p>Here&#8217;s embattled agriculture combine Olam on Tuesday morning:</p>
<p><a href="http://ftalphaville.ft.com/files/2012/12/Olam-on-Tuesday.jpg" target="_blank"><img class="alignnone size-full wp-image-1296193" src="http://ftalphaville.ft.com/files/2012/12/Olam-on-Tuesday-e1354615523908.jpg" alt="" width="300" height="249" /></a></p>
<a href="http://ftalphaville.ft.com/2012/12/04/1296183/not-what-the-singaporeans-ordered/" class="more-link">Continue reading: Not what the Singaporeans ordered&#8230;</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Olam&#8217;s capital raise U-turn &#8211; a block on Block?</title>
		<link>http://ftalphaville.ft.com/2012/12/03/1294273/olams-capital-raise-u-turn-a-block-on-block/</link>
		<comments>http://ftalphaville.ft.com/2012/12/03/1294273/olams-capital-raise-u-turn-a-block-on-block/#comments</comments>
		<pubDate>Mon, 03 Dec 2012 14:50:09 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>
		<category><![CDATA[Rights Issue]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1294273</guid>
		<description><![CDATA[<p>"We are very comfortable with our balance sheet position, in terms of our equity position as well as our debt position," Sunny Verghese told Reuters in an interview on Thursday... Asked when Olam was likely to tap the markets at the earliest, Verghese said: "Definitely not in the next five to six months."</p>
<p>Since that interview we might assume Olam has become less comfortable with its balance sheet position because on Monday the company announced an intriguing $750m rights issue.</p>
<a href="http://ftalphaville.ft.com/2012/12/03/1294273/olams-capital-raise-u-turn-a-block-on-block/" class="more-link">Continue reading: Olam&#8217;s capital raise U-turn &#8211; a block on Block?</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Olam responds to Muddy Waters</title>
		<link>http://ftalphaville.ft.com/2012/11/28/1286903/olam-responds-to-muddy-waters/</link>
		<comments>http://ftalphaville.ft.com/2012/11/28/1286903/olam-responds-to-muddy-waters/#comments</comments>
		<pubDate>Wed, 28 Nov 2012 16:35:34 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1286903</guid>
		<description><![CDATA[<p>Following <a title="Muddy Waters report on Olam - Muddy Waters Research" href="http://d.muddywatersresearch.com/wp-content/uploads/2012/11/MW_OLAM_11272012.pdf" target="_blank">Muddy Waters&#8217; report</a> on why it&#8217;s shorting Olam, released yesterday, the company has released <a title="1 of 45 Olam dismisses Muddy Waters report findings - Olam" href="http://olamonline.com/wp-content/files_mf/1354069923OlamRespondstoMWReportFindings_28Nov2012.pdf" target="_blank">a detailed defence</a>. In fact, it&#8217;s 45 pages long&#8230;</p><a href="http://ftalphaville.ft.com/2012/11/28/1286903/olam-responds-to-muddy-waters/" class="more-link">Continue reading: Olam responds to Muddy Waters</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Muddy Waters (finally) publishes report on Olam</title>
		<link>http://ftalphaville.ft.com/2012/11/27/1283253/muddy-waters-publishes-report-on-olam/</link>
		<comments>http://ftalphaville.ft.com/2012/11/27/1283253/muddy-waters-publishes-report-on-olam/#comments</comments>
		<pubDate>Tue, 27 Nov 2012 09:46:46 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[Carson Block]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1283253</guid>
		<description><![CDATA[<p>Carson Block has faced some criticism in the past couple of days (such as from <a title="Olam / Muddy Waters – Blocked off" href="http://www.ft.com/intl/cms/s/3/54ca69b0-37a6-11e2-8edf-00144feabdc0.html" target="_blank">the FT&#8217;s Lex</a>) for the week-long delay in releasing the promised Muddy Waters&#8217; report on Singapore-based Olam International.</p>
<p>But the wait is over. The report <a title="Initiating Coverage on Olam International – Strong Sell - Muddy Waters" href="http://www.muddywatersresearch.com/research/olam/initiating-coverage-olam/" target="_blank">was published on Monday night</a>. Block has not skimped on his allegations, so have a new ink cartridge ready if you&#8217;re planning on printing out all 133 pages.</p><a href="http://ftalphaville.ft.com/2012/11/27/1283253/muddy-waters-publishes-report-on-olam/" class="more-link">Continue reading: Muddy Waters (finally) publishes report on Olam</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Sohn Conference cheat sheet</title>
		<link>http://ftalphaville.ft.com/2012/11/22/1269983/sohn-conference-cheat-sheet/</link>
		<comments>http://ftalphaville.ft.com/2012/11/22/1269983/sohn-conference-cheat-sheet/#comments</comments>
		<pubDate>Thu, 22 Nov 2012 16:01:08 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[AKO Capital]]></category>
		<category><![CDATA[Bruno Rocha]]></category>
		<category><![CDATA[Carson Block]]></category>
		<category><![CDATA[Chris Hohn]]></category>
		<category><![CDATA[Davide Serra]]></category>
		<category><![CDATA[Jan Hummel]]></category>
		<category><![CDATA[Jim Chanos]]></category>
		<category><![CDATA[John Armitage]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Nick Moakes]]></category>
		<category><![CDATA[Nicola Horlick]]></category>
		<category><![CDATA[Nicolai Tangen]]></category>
		<category><![CDATA[Nicolas Walewski]]></category>
		<category><![CDATA[Russell Napier]]></category>
		<category><![CDATA[Sohn Conference]]></category>
		<category><![CDATA[Stephen Yung-Li Jen]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1269983</guid>
		<description><![CDATA[<p>Hedge fund managers piled into the Marriott on Grosvenor Square earlier this week for London&#8217;s first Sohn conference. The headlines were dominated by Carson Block&#8217;s announcement that his <a title="Muddy Waters’ next target: Olam - FT Alphaville" href="http://ftalphaville.ft.com/2012/11/19/1268623/muddy-waters-next-target-olam/" target="_blank">next target was Olam </a>International, but we wanted to give you a quick run through what the others had to say.</p><a href="http://ftalphaville.ft.com/2012/11/22/1269983/sohn-conference-cheat-sheet/" class="more-link">Continue reading: Sohn Conference cheat sheet</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Muddy Waters vs Olam: from New Zealand, with fudge</title>
		<link>http://ftalphaville.ft.com/2012/11/20/1271323/muddy-waters-vs-olam-from-new-zealand-with-fudge-2/</link>
		<comments>http://ftalphaville.ft.com/2012/11/20/1271323/muddy-waters-vs-olam-from-new-zealand-with-fudge-2/#comments</comments>
		<pubDate>Tue, 20 Nov 2012 14:32:22 +0000</pubDate>
		<dc:creator>FT Alphaville</dc:creator>
				<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[NZ Farming Systems Uruguay]]></category>
		<category><![CDATA[Olam]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1271323</guid>
		<description><![CDATA[<p>Carson Block of <a title="Muddy Waters’ next target: Olam - FT Alphaville" href="http://ftalphaville.ft.com/2012/11/19/1268623/muddy-waters-next-target-olam/" target="_blank">Muddy Waters laid into Singapore-based commodities trading group Olam International</a> at Monday’s Sohn conference in London. Such is the way of his shorting.</p>
<p>The thrust of his argument was that there are troubling irregularities in Olam’s accounts and that the company has taken on excessive leverage.</p>
<p>But Block also pointed to Olam’s acquisition of NZ Farming Systems Uruguay, noting that latter had recently published an annual report with the words “fudge this” next to one of the line items. The suggestion was that Olam has not been particularly wise or scrupulous in picking acquisition targets.</p>
<a href="http://ftalphaville.ft.com/2012/11/20/1271323/muddy-waters-vs-olam-from-new-zealand-with-fudge-2/" class="more-link">Continue reading: Muddy Waters vs Olam: from New Zealand, with fudge</a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Muddy Waters&#8217; next target: Olam</title>
		<link>http://ftalphaville.ft.com/2012/11/19/1268623/muddy-waters-next-target-olam/</link>
		<comments>http://ftalphaville.ft.com/2012/11/19/1268623/muddy-waters-next-target-olam/#comments</comments>
		<pubDate>Mon, 19 Nov 2012 20:38:09 +0000</pubDate>
		<dc:creator>Masa Serdarevic</dc:creator>
				<category><![CDATA[Carson Block]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Olam]]></category>
		<category><![CDATA[Sino-Forest Corporation]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/?p=1268623</guid>
		<description><![CDATA[<p>With his reputation suitably inflated from his <a title="Sino-Forest admits default - FT Alphaville" href="http://ftalphaville.ft.com/2011/12/12/794461/sino-forest-admits-default/" target="_blank">Sino-Forest adventures</a>, Carson Block&#8217;s next target is Olam International, the Singapore-based commodities trading group. As usual with the companies Block focuses on, it should be assumed that that his firm, Muddy Waters, is shorting the name.</p> <p>Speaking at the Sohn London Investment Conference on Monday, Block questioned Olam&#8217;s accounting practices, declaring that the company was engaged in &#8220;constant &#8216;reclassification&#8217;&#8221; of certain parts of its balance sheet. He alleged there was a case where &#8220;office supplies became biological assets&#8221;.</p><a href="http://ftalphaville.ft.com/2012/11/19/1268623/muddy-waters-next-target-olam/" class="more-link">Continue reading: Muddy Waters&#8217; next target: Olam</a>]]></description>
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		<title>It&#8217;s hard being a China short seller</title>
		<link>http://ftalphaville.ft.com/2012/08/14/1117841/its-hard-being-a-china-short-seller/</link>
		<comments>http://ftalphaville.ft.com/2012/08/14/1117841/its-hard-being-a-china-short-seller/#comments</comments>
		<pubDate>Tue, 14 Aug 2012 10:50:09 +0000</pubDate>
		<dc:creator>Kate Mackenzie</dc:creator>
				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[carlyle]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Private Equity]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/blog/?p=1117841</guid>
		<description><![CDATA[<p>It&#8217;s a big, big China leveraged buyout &#8212; the <a title="Focus Media Gets Takeover Bid in Biggest China Leveraged Buyout  Read more: http://www.sfgate.com/business/bloomberg/article/Focus-Media-Gets-Takeover-Bid-in-Biggest-China-3785530.php#ixzz23V4ritPS - " href="http://www.sfgate.com/business/bloomberg/article/Focus-Media-Gets-Takeover-Bid-in-Biggest-China-3785530.php" target="_blank">biggest ever</a>, in fact. Advertising company Focus Media, which is listed in the US, said it has received a $3.5bn takeover offer from its chief executive who is backed by a number of private equity groups, including Carlyle.</p> <p>It&#8217;s gained attention in part because the offer (in the form of a <a title="Focus Media Buyout Would Wipe Out Muddy Waters Losses - WSJ DealJournal" href="http://blogs.wsj.com/deals/2012/08/13/focus-media-buyout-would-wipe-out-muddy-waters-losses/" target="_blank">non-binding proposal letter</a>) of $27 per share is higher than the level the shares closed on the last day before the short seller Muddy Waters published the first of several reports criticising the company.</p><a href="http://ftalphaville.ft.com/2012/08/14/1117841/its-hard-being-a-china-short-seller/" class="more-link">Continue reading: It&#8217;s hard being a China short seller</a>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>A Sino suit, and CDS</title>
		<link>http://ftalphaville.ft.com/2012/04/02/944821/a-sino-suit/</link>
		<comments>http://ftalphaville.ft.com/2012/04/02/944821/a-sino-suit/#comments</comments>
		<pubDate>Mon, 02 Apr 2012 12:30:43 +0000</pubDate>
		<dc:creator>Joseph Cotterill</dc:creator>
				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[CDS]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[Muddy Waters]]></category>
		<category><![CDATA[Sino-Forest]]></category>

		<guid isPermaLink="false">http://ftalphaville.ft.com/blog/?p=944821</guid>
		<description><![CDATA[<p>1) Sino-Forest gets a &#8220;bankruptcy credit event, yes or no&#8221; question asked about its CDS for the <a title="'Has a Bankruptcy Credit Event occurred on 18 December 2011...' - Isda" href="http://www.isda.org/dc/view.asp?issuenum=2011122801" target="_blank">second</a> time:</p> <p><a href="http://av.r.ftdata.co.uk/files/2012/03/SinoCDS.png" target="_blank"><img class="alignnone size-full wp-image-945831" title="Has a Bankruptcy Credit Event occurred with respect to Sino-Forest? - Isda" src="http://av.r.ftdata.co.uk/files/2012/03/SinoCDS.png" alt="" width="664" height="62" /></a></p><a href="http://ftalphaville.ft.com/2012/04/02/944821/a-sino-suit/" class="more-link">Continue reading: A Sino suit, and CDS</a>]]></description>
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