Saturday, February 1, 2014

Citron Research’s further note on Textura

For those of you who have been following the Textura “story”, in other words, the (accusatory) comments that Citron Research has made, (rebuttal) comments analysts have made and (denial) statements from Textura, here’s another “part” of the story – a follow-up note put up on Citron Research’s web-site on January 13th.

(First, some context; When Textura talks about its potential for growth, it always refers to the “total addressable market” – using the construction market!)

Before I show the link to Citron’s site, I’d like to share with you my favorite paragraph in Citron’s latest note:

“So instead of discussing management credibility or how Textura has been operating for 10 years, and has booked losses of over $185 million, they would rather rely on such meaningless phrases as “total addressable market”. Shit, if that’s the case they might as well open a pizza shop … everyone loves pizza … the total addressable market is huge!”

Link to article on Citron’s web-site:

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