Fraser Perring and Viceroy Research weren’t well known in South Africa until they gained credit for identifying the accounting scandal at Steinhoff in 2017. The firm are short sellers, meaning that they seek to take advantage of falling share prices. They made big money short selling Steinhoff and a little while later published a scathing report on the way Capitec accounts for bad debts, sending that company’s shares lower by 35% in early 2018. Most recently, Viceroy has been short in the shares of Wirecard, the German payment processing business that recently filed for bankruptcy and saw it’s CEO arrested on fraud charges. Fraser Perring’s approach to the market is vastly different from others interviewed in this series. In his own words, he says that what he does is “insane”. Indeed, but also very profitable.

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