To anyone (ourselves included) that has followed the publicly available financial data on Home Trust from OSFI over the past few months, it is not a surprise that the company once again missed...
READ MORE >HCG is desperate. How do we know this? Well certainly in this case actions speak louder than words. Consider the following steps the company has taken over the past 6-12 months to shore up...
READ MORE >We recently conducted a survey of approximately 230 real estate agents in Canada. The attached presentation summarizes our key findings from the survey.
READ MORE >In the strongest housing market in the history of Ontario while taking provisions for credit losses as close to zero as possible, HCG still missed consensus 1Q16 earnings expectations....
READ MORE >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 >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 >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 >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 >“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 >“Get busy with the facts, No zodiacs or almanacs, No maniacs in polyester slacks, Just the facts…. The small gets big, It’s a rig…. You better run homeboy, A fact’s a fact… Roll 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