About
Markets are excellent at pricing a good story and terrible at pricing rot. A company can run for years on invented revenue, buried leverage and a management team whose real product is the stock itself, propped up the whole way by sycophantic analysts and auditors who bill by the signature. Its true worth, the entire time: nothing.
Phoenyx Research exists to find those companies and prove it. We are an activist short selling research lab, which means the research is the product: long-form, document-driven investigations into public companies, published free and in full. We believe publishing what we find about the companies we cover is in the public interest, and our record will reflect that.
The name
Every fraud ends the same way. The revenue was never there, the cash was never coming, and what burned was always going to burn. We do not light the fire. We point at the smoke while the market is still calling it a growth story.
The phoenix is for what comes after. When a bad company finally goes to zero, the capital it trapped is released back into the market, where it can land on businesses that earn it. Destruction first, then renewal. The zer0 in our name is a reminder of where these stories end.
Principles
A Phoenyx report is built to be checked. Documents are cited, sources are described, and every step from evidence to conclusion is laid out in the open. You should not have to trust us, and we would rather you did not.
Short selling research is not neutral commentary, and we do not dress it up as a public service. Assume we are short every company we cover and stand to profit if we are right. The disclosure sits on page one, not in a footnote.
Most of our investigations die in the drawer because the evidence did not hold up. That is the system working. What we publish is the fraction of our work that survived every attempt we made to kill it.
Distribution
Free. No spam, only research.