Senyek's Short Screens

Research evidence excerpt

Senyek's Short Screens

Macro Research

Accounting & Tax Policy

Portfolio Strategy

Special Situations

May 13, 2026

Senyek’s Short Screens

Identifying Short Stock Ideas

Short Stock Screens. We focus on identifying potential short stock ideas/avoiding stock

blow-ups using a disciplined, multi-prong approach. Our short screens comprise the 17

most potent valuation, earnings quality, capital creation, capital allocation, and

sentiment metrics we've found in searching for ideas on which to complete additional

fundamental analysis. These short screens represent the backbone of the process we

use into which to dig deeper and identify the most compelling short ideas.

The Hits List: Stocks Appearing Most Frequently on 17 Short Screens. Our 'screen of

all screens' identifies stocks appearing most frequently on our short screens, which we

dub the 'Hits List'. Currently, Amcor, AeroVironment, Boeing, AST SpaceMobile,

Modine Manufacturing, Kratos Defense, Cipher Mining, D-Wave, Norwegian Cruise,

Uranium Energy and Icahn Enterprises appear most frequently. Change matters, too,

and stocks with the largest recent increase in short hits include Xometry, CleanSpark,

Antero Midstream, Cipher Mining, United Natural Foods, Eos Energy, and First

Advantage Corp. Our Shorts ‘Hits List’ is a tradeable stock basket listed in BBG under

ticker NMWHITLS Index and we expect this basket to underperform going forward

(please contact us to be permissioned). List of thematic short baskets is on Pg 2.

NEW SCREEN: Low Returns and Poor Cash Efficiency. We have launched a new

screen of companies with low return profiles and weak uses of cash. We find 60

companies with low industry relative ROIC and at least two of: Low Cash Flow

Conversion vs. EBITDA, Low Free Cash Flow Return on Assets or Increasing 5 Year