In addition to “high-growth” technology companies, we also challenged the consensus view in numerous S&P 500 companies heavily promoted by Wall Street last year. In what we believe was one of, if not the largest activist short call in history, we profiled Stryker (NYSE: SYK), a $118 billion dollar medical equipment and services roll-up with a troubled history of complying with laws and regulations. We argued that Stryker was delaying bad news related to cost pressures, and that its debt-fueled roll-up offered a poor risk/reward for investors. Stryker refuted none of our concerns, and while we forecasted 35–75% downside risk – the stock ultimately declined by -30%.

2023-04-18 Tue 11:32 AM: Original report was April 2022. Since then the shares went down from 287 to 192, but since July 2022 they have gone up again, back to 292.