Writing this from a place of joy: Hindenburg Research founder Nate Anderson's full farewell note

Hindenburg

Hindenburg Research, a US-based short-sellers whose reports led to heavy selling by investors and shaved off billion from the market value of Adani group companies and other firms, is being disbanded, founder Nate Anderson has said.

In a farewell note published on January 15 on the website of the research firm, Anderson said, "The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today."

"I write this from a place of joy. Building this has been a life’s dream," he added.

Fun amid lot of pressure

The Hindenburg Research founder recalled his time at the organisation. "I’m grateful for all of it. We have days of bizarre, hilarious and ridiculous stories and we’ve had a lot of fun amidst the pressure and challenges. It has been the adventure of a lifetime.

"I now view all of this as a love story," he added.

Why the decision to disband?

Anderson said there was not one specific reason for this decision. "There is not one specific thing—no particular threat, no health issue, and no big personal issue," he said.

"The intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me."

How it all started

Anderson's note said he doubted if he was capable as he didn't have a traditional finance background.

"I went to a state school. I’m not a slick salesperson. I don’t know any of the right clothes to wear. I can’t play golf. I’m not some superhuman that can function on 4 hours of sleep."

He said he had no money when he started. "I would have failed right at the starting line had it not been for the support of world-class whistleblower lawyer Bryan Wood, who took the cases on despite my lack of financial resources. I had a newborn child and was facing eviction at the time. I was terrified, but knew that if I stayed still I would crumble. The only option I had was to keep moving forward," he added.

Anderson said because of his passion he could move forward despite my fears and insecurities.

What next for Hindenburg and its employees?

Some will be starting their own research firm, which Anderson said, he will have no personal involvement.

"There are others on our team who are now free agents — so feel free to reach out to me if you have a need for anyone who is brilliant, focused, and easy to work with, as they all are," he added.

As for Anderson, he said, over the next six months, he plans to work on a series of videos and materials on Hindenburg’s model, so others can learn how the firm conducted investigations.

"In the past several years we’ve been flooded with thousands of messages from many of you asking how we do what we do, or whether you can join the team. I read them all and I’ve been trying to figure out how to respond in a way that can answer everyone," he said.