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Kerrisdale Capital's Short Thesis on Dish Network: Calling Charlie's Bluff

Sahm Adrangi's hedge fund Kerrisdale Capital recently raised $100 million to short 1 stock.  That stock has been revealed as Dish Network (DISH).  They outlined their thesis in a presentation called "Calling Charlie's Bluff."

The title refers to DISH CEO Charlie Ergen, a noted poker player.  While most would think of Dish Network as simply that, a satellite television provider, Ergen has essentially bet the company on wireless spectrum by acquiring a ton of it with the view that there are multiple options to monetizing it.

Kerrisdale's argument is that the most likely buyers/partners for that spectrum (the major wireless carriers) don't really need as much of it these days and as such its value has decreased.  Combine this with DISH's core TV product that is in decline, and Kerrisdale thinks that DISH shares can trade between 58-80% lower.

Embedded below is Kerrisdale Capital's 31-page thesis on their short of Dish Network:

You can download a .pdf copy here.