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ESI: A Liquidity Crisis Has Arrived (Finally), As Regulatory and Litigation Tail Risk Looms Large, Taking Price Target...

September 19th, 2014

For several years now we have argued that ESI needed to raise capital to position the company to meet its contingent liabilities related to guarantee payments on private student loan portfolios and...

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Z: Cuts to Featured Listings for Premier Agents Suggest Zillow’s Advertising Inventory Problems Could Be Escalating...

September 5th, 2014

Approximately two months ago we published a report backed by a review of more than 2,000 listings in 50+ markets on Zillow (“Z: Look at the Listings, the Zillow Ecosystem Might Not Be What You...

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ZU: Blue Nile Redux? Another False TAM Story with a Broken Business Model, Time to Get Short with a Price Objective of...

August 28th, 2014

“We offer consumers a very different way to shop. Its a much better experience than they get in a store environment, I will take you through that today. But, what consumers are getting is a much...

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Z: When You’re Trying to Change the Narrative Why Let the Details Get in the Way of a Good Story - The Truth about...

August 6th, 2014

Now it’s starting to make sense.  Now we understand why Zillow agreed to pay $3.5B for a company which by almost every measure is 2nd or 3rd rate in the listings aggregation space.  Now we are...

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ESI: It Finally Has Come to This – Who Is the Lender of Last Resort? Lowering Price Target to $5

August 3rd, 2014

“In the process of taking his jacket off, the Artiste [Harry Zale] thrust his thick chest forward. Running down it were a pair of suspenders. They were broad and black, these suspenders, and even at the other end of...

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WWE: De-Risking the Story as the Company Evolves Into a “Free Cash Flow Compounder”

July 31st, 2014

When we think about the path in shares of WWE over the past 6-9 months, the perception of the company went from mature to explosive growth to mismanaged to what we think now is a compelling “free cash flow compounder” – all...

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WWE: Tempering Expectations on Network Subs, While Cost Cuts Come Into Focus

July 30th, 2014

Tomorrow WWE will report its 2Q14 operating results. While the magnitude of operating losses in the quarter will be of some degree of importance, for now everyone will likely be focused on one thing – the total number of subscribers to the...

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For-Profit EDU: The Career College Crisis of Summer 2014; Checks Suggest Continued Weakness in Fundamentals – Where...

July 28th, 2014

“The cheaters usually get caught--just never soon enough. Plenty more heads will roll.” Anonymous executive in the for-profit education space Given our longstanding bearish stance on...

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Z/TRLA: What Is and What Might Never Be – Views from 400 Agents on Zillow, Trulia, and Housing

July 24th, 2014

We recognize that there are rumors in the market that Zillow could be in talks to acquire Trulia.  We will have more extensive comments shortly, but we wanted to provide you with some insight on what the agent community...

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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