Gabe Bernarde – Viceroy

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On this episode:

This Australian Investors Podcast episode features Gabe Bernarde of Viceroy Research.

For years, Viceroy Research remained anonymous despite scores of financial journalists, hedge fund managers, analysts and company executives trying to discover their true identity.

Gabe is one of the group’s formerly anonymous investment analysts, working alongside Aidan and Fraser, to uncover shares of companies which are suitable for short selling.

In this enlightening discussion Gabe describes Viceroy’s investment and research processes in detail, how Viceroy was unmasked and the accounting tricks and traps that make for some of the best short selling targets.

We trust you’ll enjoy this conversation with Gabe Bernarde of Viceroy Research.


  • 1:30 – Intro to Gabe & Viceroy
  • 7:30 – Gabe’s early career and working with distressed companies (insolvency)
  • 11:00 – How Viceroy Research came to be and spending one month on an idea
  • 13:00 – How short selling works and why is it called Viceroy?
  • 17:00 – How the Steinhoff International short seller report came to be
  • 23:30 – Does Viceroy look at every second and how do they filter ideas? Start with “too good to be true”.
  • 27:00 – Viceroy’s short report on Germany’s ProSieben ETR:PSM
  • 31:00 – Does Viceroy take a quantitative approach to short ideas? Why ‘good earnings’ not turning into cash is a problem.
  • 35:00 – Why Viceroy isn’t shorting Telsa Inc (TSLA)
  • 39:00 – Does Viceroy work with other short sellers?
  • 41:00 – Viceroy’s MiMedx short thesis (view report here)
  • 46:00 – Is short selling ethical?
  • 49:00 – Why does Gabe travel overseas to post research?
  • 53:00 – How Gabe deals with the stress of short selling and why shady people have showed at his house

Learn more about Gabe & Viceroy: 

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