On some level you have to simply admire the recklessness of HCG’s management team. After all, over the past three months, the company: 1) reported earnings that fell well short of...
READ MORE >"So let's talk about oil and gas. So, earlier Marianne mentioned our intention to increase our reserves for 2016 to reflect current market fundamentals. So, at the end of 2015 for the Commercial Bank, we held a 6% allowance as part of that effort we are going to – we...
READ MORE >In case you were wondering what business looks like on the ground, or in this particular case the “air” in Alberta, here’s an important comment from the CEO of Westjet (Canada’s second...
READ MORE >Well, now we know why Martin Reid abruptly changed HCG’s outlook for loan originations in 4Q15. As a reminder, just five weeks after HCG’s CEO insinuated that the company could generate origination...
READ MORE >Do you remember the late 1980’s and early 1990’s in Canada? It was a dark period in the country’s economic history as a combination of a collapse in crude oil prices in the mid-1980’s,...
READ MORE >We spent much of last week reading, listening, and analyzing the slew of earnings releases, financial supplements, and conference calls from the largest banks across Canada. Had we known the results and...
READ MORE >A company has finally surpassed the Maple Leafs as the worst run organization in Toronto… The latest development in the mortgage origination fraud scandal at HCG is both remarkable and...
READ MORE >A few things have become clear about HCG over the past several months: Management refuses to “clear the air” surrounding the extent of the company’s involvement in and potential exposure to mortgages...
READ MORE >On the surface everything in the Canadian housing market seems fine: home price appreciation nationally continues its unprecedented and meteoric run, housing starts remain a source of economic growth, and non-farm payrolls continue...
READ MORE >Let’s play a little game called “guess the country with a pending demographic crisis”. Here are some hints to start out with, for this country: 1) the median age has increased from 32.9 in 1990 to 40.5 in 2015, 2) the percentage of population...
READ MORE >After the close, National Bank of Canada announced that it plans to raise $300MM through a common equity offering of 7.2MM shares at a price of $41.90. The deal is “bought” and is expected to close on 10/9/15. Considering that much...
READ MORE >“My pain…. Is self chosen At least so the prophet saysI could either burnOr cut off my pride and buy some timeA head full of lies is the weightTied to my waistThe river of deceit pulls downThe...
READ MORE >“…the hedge funds tend not to do the due diligence. They don’t take the deeper dive and understand.”SAID NO ONE EVER. Wait a minute, someone actually did say this and very recently. This...
READ MORE >“The vulnerability associated with household indebtedness remains important and is edging higher, owing to an increase in the level of household debt and the ongoing negative impact on incomes from...
READ MORE >Was it only two years ago that HCG management triumphantly trumpeted its conquest of short sellers? Make no mistake the fact pattern surrounding the company over the past six months has been...
READ MORE >Among Canadian financial services companies Home Capital Group has had a remarkable run of generating strong loan growth, 20%+ ROE, and most importantly for investors, significant shareholder returns. The stock is up 40 fold over the past 15 years! ...
READ MORE >We are closing our our Thomas Weisel Partners Group long idea today with a 44% gain. You can read our original report here. This morning Stiffel Financial Corp. announced a deal to acquire TWPG in a stock deal. TWPG shareholders will receive...
READ MORE >This report was originally published on 1/25/10.In our original report on Thomas Weisel (TWPG 3.96 ↑1.02%) Partners entitled “Getting Back to the Basics in the Capital Markets” we argued that TWPG shares were...
READ MORE >This report was originally published on 11/11/09.In our report entitled: “Getting Back to the Basics in the Capital Markets – Long TWPG (3.94↑0.77%)“, we argued that TWPG shares could see considerable upside...
READ MORE >This report was originally published on 9/17/09.It’s hard to believe that it was only 11-months ago when the TED Spread, LIBOR-OIS spread and the “VIX” all made multi-year, if not all-time highs. Each of those barometers of anxiety and fear in the...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0