About us


Who Is Hindenburg Research?

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Founded by Nate Anderson, CFA, CAIA, Hindenburg Research specializes in forensic research. Our experience in the investment management industry spans over a decade, with a historical focus on equity, credit, and derivatives analysis. 

While we use fundamental analysis to aid our investment decision-making, we believe the most impactful research results from uncovering hard-to-find information from atypical sources. In particular we often look for situations where companies may have any combination of:

  • Accounting irregularities
  • Bad actors in management or key service provider roles
  • Undisclosed related-party transactions
  • Illegal/unethical business or financial reporting practices
  • Undisclosed regulatory, product, or financial issues

Why “Hindenburg”?

We view the Hindenburg as the epitome of a totally man-made, totally avoidable disaster. Almost 100 people were loaded onto a balloon filled with the most flammable element in the universe. This was despite dozens of earlier hydrogen-based aircraft meeting with similar fates. Nonetheless, the operators of the Hindenburg forged ahead, adopting the oft-cited Wall Street maxim of “this time is different”.

We look for similar man-made disasters floating around in the market and aim to shed light on them before they lure in more unsuspecting victims.

Please send tips, feedback, or questions to info@hindenburgresearch.com