February 7, 2025
The founder of Hindenburg Research just announced he’s stepping down.
I’ll tell you why this is crazy, what I loved about his letter, and a little about the firm.
Who is Nate Anderson and Hindenburg Research?
Nate Anderson is the Founder of Hindenburg Research, and his track record speaks for itself.
This guy single-handedly:
- Wiped $153B in market value from Guatam Adani
- Wiped $B’s from Nikola Motors
- Wiped $B’s from Carl Icahn
- Wiped $B’s from Clover Health
Read his farewell letter here—it reminded me of Michael Burry’s letter to his investors after the 2008 crash.
A few of my favorite lines:
Starting From Zero
“When I started this, I doubted I was capable. I didn’t have a traditional finance background.
None of my relatives are in this field. I went to a state school. I’m not a slick salesperson. I don’t know any of the right clothes to wear.
I can’t play golf. I’m not some superhuman that can function on 4 hours of sleep. In most of my jobs I was a good worker but mostly looked over.
I had no money when I started—and after catching 3 lawsuits immediately out of the gate, I quickly had less than no money.”
It’s refreshing to see someone acknowledge their unconventional path.
Building a Dream Team
“One at a time, and without a clear plan, we built a team of 11 incredible people.
I hired each of them not because we needed workers, but because when our paths crossed, and I could see who they were, I realized it was madness not to bring them on.”
When you find people who share your vision and values, everything else can be learned.
Powerful Reflection on Success
“Someone once told me that at a certain point, a successful career becomes a selfish act. Early on, I felt I needed to prove some things to myself.
I have now finally found some comfort with myself, probably for the first time in my life. I probably could have had it all along had I let myself, but I needed to put myself through a bit of hell first.
The intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me.”
His journey from seeking external validation to finding inner peace mirrors what many entrepreneurs face but rarely discuss openly.
Conclusion
It’s Incredible to see someone with no traditional finance background make such an impact.
Goes to show that sometimes being an outsider gives you the exact perspective needed to spot what others miss.
What’s even more inspiring is how he’s choosing to walk away at his peak.
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