Stock du Jour -- SBFM

Do You Understand the Game in ENSC, Backtesting Wrong, Accounting Too White for iGen, Triton, an Icahn and an ICON

May 11, 2023

∙ Paid

SBFM 0.00%↑ did 112,000 trades and 60.5 MM in dollar volume … I shorted it at 9AM sharp like a jerk and it went straight up, then they ran it further during the opening range hitting $1.40!!! (53 cent close yday) … it gave a good spot to add to a loser, but I passed since I’m still in pain from TOP, it faded all day but not enough for me not to take a large loss into the close.

I paid .002 per share in borrow for SBFM today, or $238 for 119,000 shares.

Do You Understand the Game?

Ensysce Biosciences Announces Successful Completion of Ground-Breaking Study on Overdose Protection

MAY 09, 2023 8:00AM EDT

Ensysce Biosciences, Inc. Announces Pricing of $7 Million Public Offering

MAY 10, 2023 8:00AM EDT

… announced the pricing of a public offering of an aggregate of 1,800,876 shares of its common stock … H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

200% warrant coverage … WAIN of course.

Interesting Links:

You’re Probably Backtesting Wrong

I must have aggravated Dave yesterday with this tweet.

Fixing the Crisis in Accounting

The past few years have also thrown a spotlight on the extreme lack of diversity within the accounting profession. In 2019, the AICPA trends report found that white people make up 84% of CPAs in the United States. Furthermore, women comprise only 23% of partners at CPA firms despite constituting 47% of all professional staff at those firms. Yet millennial and Gen Z professionals are avoiding companies without a diverse workforce and a commitment to embracing diversity, equity, and inclusion (DEI).

I had to get an MBA in “Professional Accounting” to sit for the CPA exam, which was sort of a backdoor way into the profession given my undergraduate degree in Asian Studies… cost time and money.

Triton Poker Series Cyprus 2023 - Event #1 $25,000 GG SUPER MILLIONS LIVE - Day 2

Thank god Randy Lew commentating instead of Rast, who makes it unwatchable.

Icahn’s Latest Disclosures Raise Critical New Questions About Margin Loans, Continued Portfolio Losses

In its response, Icahn Enterprises failed to address every key issue we raised. Instead, it rehashed its prior opaque and inadequate disclosures. Perhaps most importantly, the company failed to disclose basic details of Carl Icahn’s margin loans, which we strongly suspect represent a near-term critical threat to IEP unitholders.

Disclosure: We Are Short

ICON-Built 1969 Toyota Land Cruiser FJ40

It’s easy to hate on Jonathan Ward, but I actually like his kind of obsessive goofball.