Log In

2014 Investment Idea Performance Update: AVERAGE Alpha Generation per Idea since Inception of 4.1%, 28.8% AVERAGE Alpha...

December 31st, 2014

First and foremost we wanted to wish everyone a happy, healthy, and prosperous new year and thank you for your continued interest in our research.  2014 will be remembered as a Dickens-esque year at...

READ MORE >

Reminder: Please Take the PAA Research 2014 Client Survey

December 12th, 2014

As you know, we love to conduct surveys. We're interested in learning more about how our clients utilize our service and ways in which we can improve the research offering and enhance client satisfaction.  Please click on the link below to take the survey....

READ MORE >

ZU: Does ZU Have an Inventory Problem? 40,000+ SKU’s of “Ready to Ship” Items Might Be Sitting in Their...

December 11th, 2014

“We operate a minimal inventory, intermediary model where we typically take customer orders before we purchase inventory from our vendors”-          ZU S-1 filing 11/13/13Much like NILE...

READ MORE >

Please Take the 2014 PAA Research Client Survey!

December 9th, 2014

As you know, we love to conduct surveys. We're interested in learning more about how our clients utilize our service and ways in which we can improve the research offering and enhance client satisfaction.  Please click on the link below to take the survey.  It should...

READ MORE >

ESI: The Lender of Last Resort Comes a Knockin’; The Stock RALLIES 30%+ Even As Bankruptcy Risk Increases, Follow the...

December 5th, 2014

“On November 17, 2014, we obtained a commitment from Cerberus Business Finance, LLC to provide us with a new $100 million senior secured term loan facility”-          ESI 2Q14 10-Q...

READ MORE >

DV: “History Doesn’t Repeat Itself, but It Often Rhymes”; DV’s Golden Goose Is About to Get Squeezed, Time to...

November 20th, 2014

This oft quoted aphorism (incorrectly attributed to Twain) represents one of the greatest truisms for any seasoned investor: the ability to identify trends and map them to historical patterns is a...

READ MORE >

Z: You Know About the 4Q14 Outlook, Here’s What Should Concern You More – This Company is More Levered to Traffic...

November 6th, 2014

“That was a mistake….Look deep, Josh. It’s there.  It’s moves away, but it’s there.  You’ve got him….. Don’t move until you see it.” Ben Kingsley, Searching for Bobby...

READ MORE >

ZU: Deceleration Takes Root amidst Growing Signs of Customer Fatigue, Taking Target to $15

November 4th, 2014

Approximately two months ago we introduced ZU as a short idea.  As a reminder here’s the original elements of our short thesis:Cracks have started to emerge recently, but we think revenue, gross margin, and profitability...

READ MORE >

Z/CSGP: Can Rentals Save the Zillow Narrative? Don’t Count On It; CSGP Increasingly Looks Like a “Leap of...

October 31st, 2014

“…the long-term opportunity for Rentals, we look at competitors in the rental space kind of pure play what they call ILSs or Internet Listing Sites, Internet Listing Services and we see a couple...

READ MORE >

WWE: Concerns Surrounding Network Churn Overshadow What Should Be the Bigger Story – OIBDA and Cash Flow

October 30th, 2014

Heading into WWE’s 3Q14 earnings release here’s what we said about how the stock might react to the Network subscriber number (all else being equal):“Here’s how we think the stock COULD trade based on a...

READ MORE >

WWE: Framing Expectations Heading Into 3Q14 Earnings; The Bar Has Been Lowered More Than You Might Think

October 28th, 2014

In the context of the volatility in WWE shares thus far this year, the 20% trading range for the stock over the past three months can only be described as tranquil.  Perhaps more importantly the relative amount of...

READ MORE >

ESI: A Temporary Reprieve from, but Likely Not a Full Resolution of the Company’s Liquidity Woes

October 17th, 2014

There’s a well-known adage in this business that the “highs are never as high as the lows are low”.  No truer statement could be made about our feelings on our short call on ESI today even with ESI shares down 72%...

READ MORE >

ESI: All That Matters Are Starts and Cash, Both of Which Appear to Be In Increasingly Short Supply; ESI Needs to Raise...

October 16th, 2014

From our perspective, the long awaited filing of ESI’s 2013 10-K was as notable for what was NOT in the document as for what was.  After all, at this stage the only two data points that truly...

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