Our History
Founded by Ben Axler in 2009, Spruce Point Capital Management, LLC is a New York-based investment management firm focused on research driven short-selling, value and special situation investment opportunities. Since inception, Spruce Point has released more than 100 forensic short reports on companies across a diverse range of industries, market capitalizations and geographies. Spruce Point’s investment approach is predicated on changing investors’ perception of a company’s value through the public sharing of new information or variant points of view. The Firm’s mission is to challenge the Wall Street status quo where conflicted analysts overwhelmingly issue glowing “Buy” recommendations.
Forensic Research Process
Spruce Point focuses on forensic financial/accounting analysis and unique fundamental research with an emphasis on difficult to obtain, material public information.
Based on a thorough forensic financial and accounting review, Spruce Point targets companies where the bull case is misunderstood and where we have identified severe concerns that are indicative of a potential downside risk for investors, including:
- Material Misrepresentation of Financials
- Aggressive Accounting
- Misleading Product/Service Claims
- Misalignment of Management & Shareholders
- Flawed Governance
- Misleading Product/Service Claims
- Bad Actors in Management
