Update on $DLO
So Muddy Waters announced that they are short $DLO and released a 47 page report detailing a number of allegations that they believe add up to fraud. This is a company I had published a positive view on previously, so I was pretty concerned. I read through the full Muddy Waters report and have written up a revised view on $DLO.

Check out my substack post which summarises and analyses the key allegations in the Muddy Waters report.

Conor Mac's avatar
Solid write up Richard, sorry for your small loss!
Joey Hirendernath's avatar
Appreciate your transparency here Richard. It is really helpful to see you take an investigative approach to spot red flags and evaluate Muddy Water's allegations. I think it is a prudent move to exist with the current situation. Even if the $DLO''s actions do not amount to fraud when management is vague and defensive, and Insiders exiting like "rats off a sinking boat" it definitely shakes confidence.
Dissecting the Markets's avatar
Thank you for this write-up. I was a fan of DLocal until Muddy Waters wrote their report. Management somehow knew that we'd overlook those tiny revisions.