Kerrisdale Capital on its Solar Short Book

See Kerrisdale Capital's most recent quarterly letter (page three) regarding their short book of solar stocks.

They are arguing that "solar PV cell makers [are] largely commodity manufacturers operating in an environment suffering from massive and growing oversupply," and that "virtually all solar companies appear to use aggressive accounting, and have poor quality of earnings (ie. they report a lot of income, but show little cash flow). "