Citron Updates GBTC – What Investors NEED to Know

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Last week, Citron Research put out a tweet about the Grayscale Bitcoin Investment Trust (OTCMKTS:GBTC) that discussed its net asset value/share price. We believe it is important to clarify this point, and at the same time, illustrate more risks in owning this trust. As of the writing of this article, here is what the math behind GBTC looks like:

Motorola Solutions – Total Eclipse of the Truth

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Investors who choose to believe in the false statements from Motorola Solutions can be as blinded as those who choose to stare at a solar eclipse.

Motorola Solutions (NYSE:MSI) is on the wrong side of a mega-trend (LMR to LTE)
The effects of FirstNet will weaken Motorola pricing power
70%+ of the company’s EBITDA is monopoly priced handsets; increased discounting emerges

FDA FAERS Database Posts Huge Rise in Acthar Deaths and Adverse Events

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As if last month’s comments from Express Scripts were not bad enough for Mallinckrodt … The FDA has just disclosed information that could lead to criminal prosecution of Mallinckrodt executives. Three weeks ago, Express Scripts, the PBM whose subsidiaries are responsible for executing the entire delivery chain for Mallinckrodt’s Acthar, made a group of damning statements: that Acthar was an old drug, grossly overpriced, with very limited patient need, and was being used for label indications for which there was no clinical evidence.


Today reinforces why $W Wayfair shareholders should be concerned. Multi-channel – Valuation – Supply Chain

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Citron Reiterates Wayfair Short Term $50 Target

Grocery stocks are getting hit hard today on the fear of Amazon disrupting their supply chains.  Similarly, as Amazon enters furniture, it breaks Wayfair’s strategic hold on it supply chain.  (MAJOR STATED RISK FACTOR IN WAYFAIR FILINGS)


  1. The Gorilla Enters the Room. The market reactions we see today in Kroger, Target, and WalMart (all profitable) show the fear in the market for businesses vulnerable to competition from Amazon.


  1. The importance of multi-channel retailing. $AMZN proves that some
    e-commerce solutions absolutely require local physical presence: Groceries are one, and furniture is the other.  Case-in-point: Amazon’s new “Unified Delivery with Services” program for furniture.


  1. Real companies get real valuations: $WFM got bought for 10.7 times next 12 months EBIDTA.  $W is a throwback to 1999, a business where there’s never EBIDTA, just cumulative losses.

  1. Profits? Never ever.  If Wayfair couldn’t make money before Amazon was a competitor, how can they possibly ever become profitable with Amazon pushing hard into their only marketplace?


  1. Forget Bailout by Walmart. Do not forget WalMart’s new national ad campaign rollout for Hayneedle – don’t expect any bailout for Wayfair from Bentonville.


  1. “Amazon Who?” Whenever an online retailer’s CEO says on a conference call he is “not concerned about Amazon” — and dismisses them saying they sell “batteries and books” … it is time to be concerned about your CEO.


  1. Follow the Money: Insider selling last 6 months for Whole Foods = $2 million, for Wayfair last 6 weeks $220 million.


  1. Analyst Shmanalyst. The analysts are so lost that the last upgrade on Wayfair (Piper) did not even have the word “Amazon” in the report.  Analyzing an e-commerce company without acknowledging Amazon is like writing about the 2017 NBA season and refusing to mention the  G.S. Warriors.


Cautious Investing to All.

NVIDIA to Trade Back to $130

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NVIDIA: The Moment that Separates the Gamblers from the Investors
NVDA to Trade back to $130




Take your profits and move on to Google (Alphabet) (NASDAQ:GOOGL).  Exposure to the identical array of “sexy businesses” with less risk on the downside.

In the recent frenzy in NVIDIA shares, it has added more to its market cap than the total valuation of its competitor AMD.  Now it is fueled by an irresponsibly bullish number from Citi.  

Citron injects a breath of sanity into the frenzied casino action. 

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