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PAA Research SMId Cap Portfolio Update - 1Q10 Gain of 8.8%, Closing out Long SIG/Short NILE Pair Trade With a 35% Gain

April 1st, 2010

We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09.  As a reminder this is a “mock” portfolio with an initial value of $100...

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Channel Checks With Independent Jewelers Indicate Trends Might Not Be As Bad as the Zales November Comp Would Have You...

March 11th, 2010

This report was originally published on 12/16/09.Shares of SIG (29.54 ↓0.94%) have pulled back in the past 10-days following ZLC (3.03↓6.19%)’s 10-Q filing, in which Zale’s reported...

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Signet Jewelers (SIG) Remains the Best Investment Vehicle in the Specialty Jewelery Space

March 10th, 2010

This report was originally published 9/9/09.SIG reported 2Q10 results this morning.  You can find the full press release here.  Overall, the company handily beat consensus expectations and the stock has reacted...

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Are Polished Diamond Prices About to Increase?

March 10th, 2010

This report was originally published 8/25/09.In a recent post on NILE (54.88 ↑1.95%), we discussed the primary fundamental short thesis on the stock, which included among other things the company’s “operating margin conundrum”.  In short, it is our view that...

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A Closer Look at Blue Nile’s Promotion Strategy and the Company’s Operating Margin Conundrum – The Fundamental...

March 10th, 2010

This report was originally published on 8/12/09.Approximately 6-weeks ago we introduced a pair trade recommendation Long Signet Jewelers/Short Blue Nile.  Thus far it has not yielded positive...

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A Pair Trade with Some Sparkle – Long Signet Jewelers/Short Blue Nile

March 8th, 2010

This report was originally published on 6/25/09.Over the past few months there have been some nascent signs of stabilization in consumer spending. For the most part we have avoided the entire consumer sector during the recovery in the market over...

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Current Ideas

HCG.TO

SHORT

$0

AYI

SHORT

$129

RON.TO

SHORT

$9

BIG

SHORT

$28

ESI

SHORT

$0

DV

SHORT

$15

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ING.PA

SHORT

$35

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

BCO

LONG

$35

WWE

LONG

$25

KNL

PAIR - LONG KNL/SHORT MLHR

25%

XOXO

LONG

$20

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

ARC

LONG

$12.50

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR