What does Muddy Waters do?

Muddy Waters Research LLC is an American investment research firm based in Austin, Texas, founded in 2010 by Carson Block. The firm specializes in activist short selling and due-diligence-based equity research, focusing on uncovering fraud and opacity in public companies. It combines the expertise of forensic accountants, investigators, and valuation experts to provide independent, publicly available investigative reports that assess a company's true worth. The firm operates globally, targeting companies in the U.S., Europe, China, and other regions. Muddy Waters is known for its thorough research approach, which often leads to short positions taken via its affiliated investment adviser, Muddy Waters Capital LLC. The firm has gained recognition for its impactful reports, including those on Sino-Forest Corp and other companies, which have prompted significant market reactions. Founder Carson Block frequently shares insights on major financial news platforms, discussing the firm's unique approach to revealing business and accounting fraud.