Investments

Investments we have made

Allied Minds (ALM LN)

A Venture-Capital Junk Drawer for 3x NAV

Bavarian Nordic (BAVA DC/BVNRY)

Dendreon 2.0? Ineffective Cancer Vaccine Masked by Misleading Data

Globalstar, Inc. (GSAT)

The Biggest Stock Promotion Since Sino-Forest

Cardtronics, Inc. (CATM)

Aggressive Accounting and Secular Decline Drive 40-70% Downside

BofI Holding, Inc. (BOFI)

Higher Rates Will Compress Margins for Bank Priced at 3.5x Book Value

Unilife Corporation (UNIS)

A History of Missed Deadlines, Aggressive Cash Burn, and Vague Supply Agreements Suggest...

Sourcefire, Inc. (FIRE)

Short-Lived Upsell Opportunity has Concealed Decelerating Growth, Slowing Customer Adds,...

EZchip Semiconductor Ltd.

Immediate Competitive Threats, Customer Defections and Unsustainable Valuation

ServiceNow, Inc. (NOW)

Decelerating Growth, Limited Market Size Point to Large Downside

ParkerVision, Inc.

20-Year Track Record of Value Destruction

Mellanox Technologies

End of Romley Upgrade Signals Steep Downside

ChinaCast Education Corporation

Chinese Filings Reveal Serious Red Flags