Every stock has a price. Not every stock deserves it.

We build a savage “Short Thesis” analysis for every company we cover. Even the ones we love. Especially the ones we love. Because if the thesis can survive its own destruction, it deserves conviction. If it can’t, we want to know first.

We approach from a neutral standpoint or even positive and build from the ground up a rigorous Short Thesis. This is a conviction-grade thesis built on forensic fundamental analysis. It identifies companies where the gap between narrative and reality has become unsustainable, and where catalysts exist to close it.

At Kadima Sun, we isolate the structural vulnerabilities that bull-cases depend on but rarely stress-test: deteriorating unit economics, governance misalignment, unsustainable capital structures, and narratives that have outrun execution. We then identify the specific catalysts most likely to force a repricing.

The Framework

Bull Narrative ← Pressure Points → Repricing Catalysts

For each company, we define the assumptions the current valuation requires to be true, the fundamental evidence that challenges those assumptions, and the catalysts (earnings, regulatory, competitive, or structural) most likely to break consensus.

We combine deep fundamental research with AI-enabled monitoring to track deterioration in real time and calibrate conviction as conditions evolve.

Outcome: High-conviction short theses built with institutional discipline, and differentiated, non-consensus research for hedge funds and active managers.