Sahm Adrangi’s Kerrisdale Capital, which made a name for itself and some impressive returns for investors by shorting US-listed Chinese shell companies, has singled out ClubCorp Holdings Inc (MYCC) as its next big short target.
Sahm Adrangi, Portfolio Manager, Kerrisdale Capital
Kerrisdale’s report on the company, which was released early this morning, singles out ClubCorp as a highly levered golf-course roll-up facing three profound challenges: a secularly declining end market, weak unit-level profitability, and no economies of scale.
ClubCorp Holdings Inc: Facing a number of headwinds
The short thesis is centred around the structural changes facing the golf market within the US. Golf participation, golf rounds played, and sales of golf equipment have all trended down over the past decade, while the age...
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