Uncovering Financial Misconduct & Promoting Market Transparency with Fraser Perring

The Turnaround Podcast with Stephen Phillips, Episode 17

In this episode of The Turnaround Podcast, Stephen Phillips speaks with renowned short seller Fraser Perring, founder and researcher at Viceroy Research, an international investigative financial research group. Perring founded Viceroy Research with Australian partners Aiden Lau and Gabriel Bernarde in 2016. Viceroy is dedicated to uncovering financial misconduct, promoting transparency, and holding public companies accountable. Their work plays a critical role in improving the quality of global financial markets.

Tune in to the episode to hear about:

• Fraser’s unconventional path into financial investigations, beginning his career as a social worker, transitioning into short selling after exposing a significant child risk issue in 2012

• The transferable skills from social work to short selling, such as looking at the bigger picture and refining research methodologies

• The beginning of Viceroy Research, starting as a small team of three, leveraging their unique skill sets

• Viceroy’s current evolution from a research provider towards hedge fund status

• How Viceroy identifies targets for their investigations, often beginning with word of mouth and media articles then diving deeper into financials, subsidiaries, and company behaviors

• Common red flags Viceroy sees in investigations such as overpromised returns and dismissive attitudes toward legitimate concerns

• Viceroy’s trading strategies, including the mechanics of short selling and the use of options for risk management

• The challenges Viceroy has faced, such as the potential for significant losses and the effects of high short interest

• The unique risks involved in short selling

• Regulatory pressures and investigations faced over the years and criticism of how some regulators are swayed by influential companies and pursue short sellers rather than addressing the fraud

• The positive changes Fraser sees in regulatory environments with the attitude of the SEC, providing an optimistic view for the future

• Intimidation tactics employed against short sellers with firsthand instances of unlawful surveillance and attempts to discredit him

• The importance of maintaining humor in the world of short selling

• The future of Viceroy with more targeted and significant projects, stressing the essential role of short sellers in maintaining market integrity and transparency

• The crucial role of activists and short sellers in the financial markets to ensure companies and regulators are fully accountable for the actions

Learn more about Fraser Perring:

• Connect with Fraser on LinkedIn: https://www.linkedin.com/in/fraser-perring-b03589159

• Visit Viceroy Research’s website: https://viceroyresearch.org

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

• FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

• LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

• Website: https://www.freilibertas.com/founders-experience