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WPO: The Irrational Bid Scenario Now Comes Into Play and Catalysts Are Limited, Closing Out Our Short Idea With a...

August 6th, 2013

This is something we obviously did not see coming, but based on the action in WPO shares over the past 6-months perhaps someone else did.  In retrospect, we should have given greater attention to...

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WPO: The Song Remains the Same, Lowering Estimates to Reflect Weakening Prospects for Kaplan

August 3rd, 2012

In many respects, WPO’s 2Q12 earnings results represent a complete validation of our short thesis on the stock.  At a time when it appears most bulls on the stock own it based on some theoretical breakup value, two...

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WPO: 10-K High (and Low) Lights; 2012 Could Be As Good As It Gets for Quite Some Time, Revised Estimates

March 2nd, 2012

Admittedly, WPO’s 4Q11 results beat our estimates by a wide margin.  Normally this type of EPS upside would yield a more meaningful reaction in any given company’s stock price – that did not happen.  WPO...

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WPO: Steady As She Goes…. In Decline

November 4th, 2011

In many respects, WPO’s 3Q11 earnings results represent a complete validation of our short thesis on WPO shares.  At a time when it appears most bulls on the stock own it based on some theoretical breakup value, two unalienable truths remain clear: 1) WPO management has no...

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WPO: Time Is On Our Side – Thoughts from WPO’s 2011 Shareholder Day

September 13th, 2011

On Friday, WPO management hosted its bi-annual shareholder day.  If ever we had any doubts about our long term secular short case for WPO shares, they were all but removed following a series of management presentations.  Based on the tenor and...

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WPO: The Long Retrenchment At Kaplan Begins, Assessing WPO’s Earnings Power Going Forward

February 24th, 2011

Approximately 18-months ago, we scribed a letter to Warren Buffet, Chairman and CEO of Berkshire Hathaway about his sizeable ownership stake in the Washington Post Company. It might have been an audacious endeavor on our part...

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WPO: FL Judge Rules on Motion to Dismiss in 1 of 3 Qui Tams, Tail Risk Continues to Grow

December 22nd, 2010

For several months now, we have been waiting for an update on the status of three separate qui tam actions outstanding against Kaplan Higher Education in the United States District Court Southern District of Florida.  ...

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WPO: More Than One Qui Tam Will Go Forward, "Tail Risk" Continues to Grow

November 10th, 2010

Approximately two and a half months ago, we published a report that argued that the tail risk associated with owning WPO shares continued to increase.  Today we received further evidence that "tail risk" continues to grow for the company.Filing...

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WPO: 3Q10 Revenue and EPS Upside Should Be Overshadowed By Rapid Deterioration in Key Operating Metrics

November 5th, 2010

Admittedly, WPO's headline earnings results for 3Q10 appear to be compelling. The company reported total revenues of $1.189 billion and adjusted EPS from continuing operations of $11.40.  This compares to our...

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WPO: See You at the Crossroads, 17 Questions Heading into 3Q10 Earnings

November 3rd, 2010

On Friday, November 5th, WPO will report 3Q10 earnings.  WPO is at a significant crossroads.  Fundamental demand for the company's primary growth vehicle over the past five years has changed abruptly at a time when secular headwinds facing WPO's...

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WPO: Barron's Strikes Again, A More Realistic SOTP Analysis, Tail Risk Growing Rapidly

August 23rd, 2010

Barron's columnist Andrew Bary published a follow up piece this weekend to his initial write-up on WPO in which he argued that the stock could be worth as much as $900/share.  You can read the original article here.  Mr. Bary's...

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WPO: 1Q10 Results Do Little To Change Our Short Thesis, Our Revised Estimates

May 10th, 2010

WPO reported 1Q10 results on 5/7.  Overall, the results did little to alter our short thesis on the stock.  The company beat our estimates on the topline but fell short of our EPS forecast due to lower than expected profitability at the...

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Dear Mr. Buffet: About the Washington Post Company….

March 10th, 2010

This report was originally published on September 15th, 2009.Please note, the following is a letter PAA Research recently sent to Warren Buffet, Chairman and CEO of Berkshire  Hathaway, Inc.. We thought our readers might find the analysis of Washington Post and...

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AYI

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RON.TO

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