Meta Platforms and the Buyback Illusion
Meta generates $228B in revenue, but $108B in CapEx shrinks FCF yield to 1.19%, trailing Treasuries by 391 bps while buybacks mask equity dilution.
Forensic & Activist
Hindenburg-style accounting audits, cash-flow divergences, metric inflation checks, and activist short-thesis briefs.
Cathie Wood and the Duration Trap (ARKK)
Cathie Wood and ARKK forensic audit: zero-cost-of-capital holdings meeting a 5.2% yield world, multiple compression, and persistent shareholder dilution.
The Dilution Mirage: Inside Snowflake’s $121 Billion Valuation Without GAAP Profits
Snowflake forensic accounting audit: $1.2B annual SBC dilution, declining net revenue retention, and lack of GAAP profitability.
The Megawatt Arbitrage: Inside IREN’s $17 Billion AI Pivot and $4 Billion Cash Burn
IREN short-thesis audit: mining rig retooling claims, power interconnection delays, and aggressive equity ATM issuance.
The 156x Revenue Illusion: Inside MicroStrategy’s $60 Billion Perpetual Motion Machine
MicroStrategy capital structure teardown: 2.5x NAV premium to underlying Bitcoin holdings and convertible refinancing reflexivity.