Variant View Research is an equity research group whose objective is to identify areas of market inefficiency that may be of interest to investors, industry, regulators, and policymakers. Disclaimer Variant View Research and/or its affiliates actively manage trading accounts and may take positions in securities mentioned in its publications or the derivatives of those securities. Variant View Research and/or its affiliates may change its positions at any time without disclosure. Although we have a financial interest in the securities we discuss, we do not receive direct compensation for our publications. Information and opinions provided in our publications are compiled from or arrived at from sources believed to be reliable, however no representation or warranty, express or implied, is made as to their accuracy or completeness. In the event that we receive conflicting information subsequent to publication, we may not necessarily disclose such information or update our publications. Our publications are provided for informational purposes only and do not constitute investment advice. Investing in securities involves a high degree of risk, and investment activity should only be undertaken after consulting a professional investment adviser.