Log In

HCG.TO: “Existence of Material Uncertainty – Future Funding Capabilities”, Reiterating $0 Price Objective

May 12th, 2017

HCG reported 1Q17 adjusted EPS of….. Just kidding.  Make no mistake the entity known as Home Capital Group and its primary lending subsidiary, Home Trust no longer exist.  As we argued a few...

READ MORE >

Z/ZG: Define Small

May 5th, 2017

“Mark, on the CFPB, we don't break out the amount of the revenue that comes from co-marketing efforts, but we have said and it continues to be the case that it's a small portion of overall revenue.” Kathleen Phillips, CFO Zillow, 1Q17 Earnings Conf. Call....

READ MORE >

Z/ZG: These Questions Need to Be Asked; It’s Time to Address the RESPA/CFPB Issue

May 4th, 2017

“Prior to and during the live conference call, investors may submit questions via Sli.do (www.slido.com).  By entering the event code #ZEarnings on the Sli.do homepage, participants will be placed into the queue where they...

READ MORE >

HCG.TO: Liquidation Looks Increasingly Likely, Reiterating $0 Price Objective

April 26th, 2017

               “If it keeps on rainin', levee's goin' to break If it keeps on rainin', levee's goin' to break When the levee breaks I'll have no place to...

READ MORE >

HCG.TO: Truthless, Rudderless, and Now Possibly Valueless, Taking Price Objective to $0

April 20th, 2017

“But I can't end the call without a little ditty that someone passed on to me of how people in the 19th century dealt with shorts. And the little ditty goes something like this. He who sells what isn't his'n, must...

READ MORE >

AYI: Management Has a Vision, Just Not a Clear One, Lowering Price Objective to $108

April 4th, 2017

Truth be told, we’ve all seen this happen before: A management team gets praised for consistently beating numbers and its “long term vision” for the company during the early stage of a product/economic cycle. ...

READ MORE >

NA.TO/Canadian Housing: “Extend and Pretend” Is Alive and Well in the Prairies; How Well Capitalized Are the...

March 22nd, 2017

“Our customers have shown tremendous courage and we’re matching that by sticking with them to the best of our best ability. We believe that working with customers to help get them to a...

READ MORE >

Z/ZG: Is Zillow’s Lender Co-Marketing Strategy under Increased Scrutiny from the CFPB?

March 9th, 2017

Approximately 18-months ago, we published a report entitled: “Is Zillow’s ARPA Growth Miracle Over? The Demise of the “MSA” in the Mortgage Channel Suggests It Could Be, Reducing Estimates”.  In...

READ MORE >

BIG: The Days of Leveraging Without Comps Are Over and the Implications Should Concern BIG Investors

March 3rd, 2017

“There is always a heavy demand for fresh mediocrity. In every generation the least cultivated taste has the largest appetite.” Paul Gauguin Following another 90-minute conference call in which...

READ MORE >

Z/ZG: Investing for Growth or the Cost of Doing Business? A Closer Look at the “Funnel” Suggests Growth for this...

February 8th, 2017

In many ways the investment case for or against Zillow increasingly can be distilled to one single question: Does the company’s current cost structure reflect investments for growth or simply...

READ MORE >

HCG.TO: Pondering the Existential Questions Facing HCG

February 7th, 2017

It’s been an interesting start to 2017 for HCG.  The stock is down a meager (-5.0%) YTD, which belies the drastic change in investor sentiment around the company.  Several major brokerage firms have downgraded HCG shares over the past 4-6...

READ MORE >

DV: Following the Worst Enrollment Intake in the History of DeVry Education Group, Bulls Appear to Be Counting on Hope...

February 3rd, 2017

“Let's begin What where why or when Will all be explained Why destruction is a game See I'm not insane In fact I'm kind of rational….” Boogie Down...

READ MORE >

DV: Trying to “Separate the Game from the Truth” as Ross & AUC Face Structural Challenges and Chamberlain’s...

February 1st, 2017

“All I do is separate the game from the truth” Wallace, Christopher. “One More Chance”. Ready To Die.  Bad Boy, 1994. We think the quote above perfectly...

READ MORE >

AYI: Time Is on Our Side as AYI Enters the First Phase of “Re-Rating”; Lowering Price Objective to $129

January 10th, 2017

When we first introduced AYI as a short idea approximately 9-months ago, the largest pushback on the merits of our investment thesis related to the perceived quality of the company’s management team. ...

READ MORE >

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