Harvey Norman Holdings, Ltd.
Thesis
The pitch suggests that Harvey Norman is facing challenges from changing consumer preferences and increased competition, which will adversely affect its sales and profitability.
Did it work?
worked
confidence: high
The short thesis on Harvey Norman played out: over roughly 8+ years since the pitch, the stock declined 37%, consistent with the claim that changing consumer preferences and heightened competition would erode sales and profitability. A sustained, substantial price decline in the direction of the short over a long horizon decisively supports the thesis. While dividends would soften total returns for a short seller, the price action confirms the fundamental deterioration the pitch anticipated.