Research for Public Release


April 2017

Devonshire Research Group issued a report summarizing growing concerns among contrarian observers that consumer price inflation is systematically under-reported by US Federal Government. The report was supported by data from three leading contrarian inflation analysts: the Chapwood Index, Shadowstats Alternate Inflation Indices (both the CPI and the implicit GDP deflator) and the Consumer Purchasing Power Index (CPPI) developed by Now and Futures.

According to the report, a wide range of inflation indices and concepts are intimately commingled leading to a wide ranging divergence between reality, published government statistics and the assumptions used for investment decisions. Notably, a "Concensus of Contrarians" is emerging, one that is shared across several independent critics and supported by concerns among many that official statistics paint an overly optimistic picture of the economy.



April 2017

Devonshire Research Group issued an in-depth analysis of Allied Minds (LON: ALM), a Boston-based venture firm trading on the London Stock Exchange with investments in the life science and technology sectors. The report describes the rationale behind Devonshire's short position, which argues that Allied Minds is overvalued because it has not to date demonstrated success in identifying and monetizing technology, and has limited potential to do so going forward.

Devonshire Research Group has conducted a comprehensive assessment of the value potential in each of Allied Minds' subsidiaries. The report concludes that the subsidiares lack the requisite IP to be competitive in the markets they are attempting to enter, and possess patent portfolios that are both smaller and less central than their competitors.


TSLA 2.0

May 2016

Devonshire Research Group reiterates it's position and opinion of Tesla after further analysis through 2016. New analyses present potential risks and exposures faced by Tesla in the upcoming months, driven by financial product innovation risk, supply chain exposure, and Presidential election year subsidy challenges. A recommendation was made on May 23, 2016 to extend a short position through the use of stock lending and options.

Devonshire is proud to have issued this report in advance of the SEC's letters criticizing Tesla's use of non-GAAP "revenue", and other creative accounting measures between August and October of 2016. Devonshire closed this recommendation in December of 2016, and offers further TSLA research to clients and subscribers only.


TSLA 1.0

March 2016

Russian | Chinese

Devonshire Research Group initiated coverage of Tesla Motors, Inc. in 2016. A recommendation has been issued to Devonshire’s Principals and Clients on March 21, 2016 to pursue a short position through the use of stock lending and options.

Devonshire believes that Tesla’s impending launch of the Model 3 represents potential increases in volatility; however the accelerated competitive response of other auto manufacturers will enforce the long term outlook expressed by this report.



January 2015

Devonshire Research Group initiated coverage of GoPro after extensive analysis throughout 2014. A recommendation was made to Devonshire’s Principals and Clients on January 14, 2015 to pursue a short position through the use of stock lending and options.

Devonshire Research Group recommends short positions to be covered as of December of 2015. Devonshire no longer recommends an outlook – bearish or bullish – on GoPro.

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