Log In

WWE: As More Meat Is Added to the Bone on the Network Front Positive Developments in the Core Remain Overlooked

March 5th, 2013

In the 18-months that we have been recommending going Long shares of WWE, we have been highly critical of management’s reluctance to provide investors with the company’s general operating and financial...

READ MORE >

ESI: 10-K Highlights – the SEC Subpoena Is Not the Sole Cause for Concern

February 25th, 2013

We have little doubt that among the kernels of information included in ESI’s 2012 10-K filing that the disclosure of the subpoena from the SEC will receive the greatest attention – as it should.  However, for anyone who has followed the...

READ MORE >

Z: 20% of the Traffic (and growing) and Less Than 1% of the Spend; Zillow’s TAM Story Gets Better and Better

February 14th, 2013

Didn’t we go through the same experience last quarter?  Zillow beat revenue and EPS for 4Q12, operating metrics were stellar, and management guided lower in large part due to increased expectations for...

READ MORE >

OPEN: Growth Is Grinding To a Halt…. And TopTable Isn’t Going to Save the Day

February 8th, 2013

Well at least they didn’t miss consensus revenue estimates again….  Seriously though, do you remember the “good old days” when supposed growth companies that reported a massive deceleration in operating metrics, low quality...

READ MORE >

WWE: Is the WWE About to Go “Over the Top” With its Potential Network?

February 5th, 2013

WWE shares have advanced 7.8% thus far this year compared to a 6.0% gain for the S&P 500.  Despite the solid stock price performance to start the year, we doubt that many WWE investors are taking “victory laps”.  After all, in the...

READ MORE >

COCO: With $200MM Left to Go, Things Could Be Coming to a Head

January 31st, 2013

Despite all of the levers the company has pulled (cohort default rate “management”, asset sales, off-loading student loan credit risk temporarily, sale lease backs) over the past two years, it finally appears that COCO is starting to run out of...

READ MORE >

MCRS: Not Much to See Here…. For Now

January 25th, 2013

MCRS reported a quarter that was as uneventful as it was uninspiring. Ultimately there were operating metrics that improved somewhat and those that could be construed as confirmation of our short thesis.  Below we discuss the key positives and negatives from the quarter.

READ MORE >

ESI: And So It Begins…. What Do You Believe?

January 25th, 2013

Who said volatility is dead?  In a day that will go down in infamy for ESI investors, the stock traded in an astounding 40%+ range today.  After gaping down in excess of 20% in early trading ESI shares rebounded over the course of the day to close up 17.7% - efficient...

READ MORE >

Proprietary Restaurant Checks Suggest Challenges Could Mount for OPEN and MCRS in 2013; Other Key Observations

January 22nd, 2013

Over the past month, PAA Research conducted a survey of approximately 80-85 restaurant operators a significant percentage of which are clients of OPEN and MCRS. The general purpose of the survey was to gain...

READ MORE >

MCRS: Thoughts from the National Retail Federation “Big Show”

January 15th, 2013

Yesterday we had the opportunity to tour the floor at the National Retail Federation’s “Big Show 2013”.  We wanted to pass along some key observations from our time in the exhibit hall.  As you might imagine given our outstanding short call on...

READ MORE >

ESI: The True Nature of ESI’s Educational Outcomes Finally Coming to Light, Liquidity Position Looks Tenuous, Taking...

January 6th, 2013

If you were to distill our short thesis on ESI into its central elements (which we’ve now had in place for almost four years now) it can be succinctly summarized in two points: 1. The company’s...

READ MORE >

Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR