Hindenburg takes down Adani, but I have reason to be doubtful.

February 2, 2023

A few days after the Hindenburg short-selling report was published (and copied here minutes later), the seven stocks in the Adani Group dropped $100 billion. The Group’s $2.5 capital raise has been suspended.


I have read on Reddit a posting that Hindenburg has undisputed wins where the average market value takedown is 80%.

Well, I have no market opinion about Adani or even about the Hindenburg-Adani report other than obviously if and when you call one of the world’s wealthiest people a fraud, with the expectation that the market would smash his company share prices, you must have done a lot of research.

But is Nathan Anderson CFA, founder of Hindenburg Research, a legitimate analyst or himself a con artist?

I’ll let you decide.

On April 20, 2020, Nathan Anderson presented his case against New Pacific Metals and Silvercorp Metals to the Contrarian Investor Conference. He claimed these companies were frauds and would lose over 90% of the market cap in New Pacific and 45% in Silvercorp. New Pacific trades as NUAG on the Toronto Exchange and NEWP on the NYSE American. Silvercorp trades as SVM on both.

Bear in mind that (1) the Gold and Silver markets on April 20, 2020, were very strong, and began a lengthy Bear around October that year, and (2) New Pacific was subsequently elevated from the OTC to the NYSE after the Hindenburg report and so would have caused a stricter compliance review as most companies are not accused of outright fraud as Nathan Anderson in his own words called Dr. Rui Feng, founder/CEO of both companies.

On April 20, 2020, the morning of the conference where Nathan Anderson CFA presented his Hindenburg “research”, New Pacific opened at US$3.13. On May 18, it was at a high of $5.33. By November 25, the price hit $5.64, and then on February 1, 2021, the price reached $7.30.

Also, on April 20, 2020, the morning of the conference where Nathan Anderson CFA presented his Hindenburg “research”, Silvercorp opened at US$3.28. On May 18, it was a high of $4.95. By September 25, the price hit $8.71. All through this time, Silvercorp was paying quarterly dividends.

So much for the total collapses he called for in New Pacific and Silvercorp. In fact, the government of Bolivia is a partner and supporter of New Pacific. The Company’s government liaison, Vice President is Bolivian and has recently been awarded as one of the top ten most important Hispanics in Canada.

This company is proud of its accomplishments, and I am proud to have a large position and support them when I can. As readers know, I believe that New Pacific’s Bolivian projects will soon be operating highly successful gold and silver mines.

Now, please, listen carefully to Nathan Anderson CFA, as he libels and slanders New Pacific and Silvercorp, their executives, Bolivia, and China.


This is one sick person.

He didn’t take down New Pacific or Silvercorp at all. If anything, he and his followers lost a lot of money. He ought to be recognized in my industry as an appalling person.

In case Nathan Anderson cares to know who I am, I’ll let one of my associates speak for me.

Ermanno Pascutto paid me a high compliment when he provided the following information, which is printed on the outside book jacket of my 2008 book, Lessons from the Trader Wizard:


“Discovering Bill Cara is more important to investors than finding a great stock investment. In Bill, individual investors have found an independent, principled, intelligent, and experienced teacher and advocate. If you want to learn about markets and trading, buy his book!”


Ermanno Pascutto is the former senior securities market regulator in Canada (Executive Director, Ontario Securities Commission), and Hong Kong (Deputy Chairman, Securities and Futures Commission) and is currently an advisor to regulators, self-regulatory organizations, and financial institutions in North America, Asia, and the Middle East.


Please consider carefully the sources of your information on the internet and from those who are purported to be powerful in the securities industry.

Case closed.

I carefully study my investments. If and when there are negatives in my research I publish them because I believe in full transparency so that my readers can decide for themselves whether or not I have the integrity to meet their needs.

I am proud to say that in writing here for almost 19 years my detractors number about ten out of millions of readers. And some of those are still readers today, and they, like all readers, are open to making whatever market comments they wish.

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