Episode 3 - Jon Carnes
Play • 2 hr 1 min

This week Dan and The Pack share drinks and stories with our friend Jon Carnes - the man behind the infamous/famous “Alfred Little” pseudonym.

First anonymously, and then publishing under the pen name “Alfred Little,” Jon’s work was groundbreaking in uncovering China-fraud’s among global markets. While living in China, his work was not without peril, and he and his team quickly learned the deep human cost of exposing the truth.

Hear how Jon got started in finance as a kind of a boy-genius day trader who quickly became one of E*Trades largest customers, his days as a film producer (“The Wizard of Gore” 2007), and how an investment into a pharmacy led to one of his most significant discoveries – “The Cure,” a hangover remedy that has been trial-tested and approved by The Wolfpack.

Sit back and share a drink with Dan and The Pack as they knock one down with the fascinating, and seldom interviewed, Jon Carnes.


4:25 - What Jon’s been up to, micro and nano-caps, futures, and his addiction to value investing.  

16:20 - College days and his aversion to the efficient market theory.

23:16 - Turning $3,000 into $1.000,000 in his first few years.

26:00 - E*trade, commercials, and Super Bowls.

31:23 - Jon goes to China, falls in love with the country, and discovers his first fraud.

47:10 - Jon’s first short report – and its fallout.

54:25 - “Alfred Little” is born.

58:35 - Mines, movies, and more.

1:03:13 - “I.O.U.S.A.,” Warren Buffett, and predicting the 2008 market crash.

1:21:30 - “The Cure”

1:29:30 - Competition and collaboration exposing China Frauds.

1:35:50 - The “Ben Wey War” and “You’ve been served.”

1:42:20 - How the frauds defend their lies with shareholder money.

1:51:54  -The human cost of short activism.

1:54:12 - How cameras, chickens, and shopkeepers changed the due diligence game in China forever.

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