SA: One of your tech shorts, POET Technologies (OTCQX:POETF) is down ~75% since you cited numerous red flags in your short call. What key red flags should investors be aware of in the tech sector?

ES: The key red flag for buyers, or green light for shorts, is public venture. These companies should not be public. They are pre-revenue, have immature businesses, and burn a lot of cash. They are heavily promoted with long-tail, hockey-stick revenue projections, leading to rich valuations. The halo effect eventually wears off, as the quarterly time horizon of public investors does not match the multi-year runway needed for these public venture tech companies to prove themselves. In the meantime, management follows the unvirtuous cycle of constant fund raising (at the expense of building the business) and investor dilution at ever lower prices. POET fitted this model to a tee.