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From our analysis, we found the following most relevant:NMC discovered more than $4bn of loans it says it had no knowledge of before the Muddy Waters report.
Shorting is tough in any market, but even more so when, for years, stocks charged to new record highs week after week.
Before the coronavirus-driven market rout, "there were companies that were clearly problematic companies but wouldn't make a good activist short piece, because investors were so anaesthetised to risk, it really had to be an exceptional situation", such as Burford and NMC Health, he said, "to get traction in the marketplace".
That is why he says that if there is a silver lining to the pandemic-fuelled tailspin in markets, it is that fraudulent companies will perhaps no longer be able to hide under more than a decade of "extra stimulative policy".
"That's the economic playbook we've been employing since the bubble burst," he saidMarkets just got pushed higher and higher and people pushed uncomfortable info out of their heads."
He says the market rout might not have been so pronounced if central bank policy had not enabled market participants'disregard of risk.