please act accordingly, independent research firm, compelling investment opportunities and ideas
  Companies Followed
   APOL    ARC    AYI
   BCO    BGG    COCO
   CSGP    DV    ESI
   GCA    HCG.TO    HNI
   IPSU    KNL    LOOP
   MCRS    MLHR    NA.TO
   NILE    OPEN    RGR
   RON.TO    SIG    SWHC
   THQI    TRLA    TTC
   TWPG    WPO    WWE
   XOXO    Z    ZIPR
PAA Research

PAA Research, the owner and operator of, is an independent research firm that provides investment ideas backed by extensive fundamental and primary research to professional money managers and high net worth individuals. The company strives to generate action-oriented investment ideas with high absolute return potential.

Recent Reports

  CSGP/Z: The Reality in Rentals – Awash in Leads as Incremental Spending Goes Towards Self-Branding Initiatives

Over the past few weeks, we conducted a survey of more than 50 rental property managers across the country.  Overall the feedback from our survey suggests that CSGP management's assertions about the company's  ascension to dominance in the .....

  HCG.TO: Purposeful Obfuscation Continues, While Core Earnings Power Evaporates and Allowances Remain at Irresponsible Lows – Hit the Bid

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 unexpected.  At no point over the past 12-months has t.....

  Z: You Asked for It, Now You’ve Got It – The Bull Case for Zillow Relies on the Company’s Ability to Become a Broker in Everything but Name

Where were you on that fateful day, July 28, 2014 when Zillow announced its intention to acquire Trulia in a purchase that was valued at $3.5B at that time? It was a brutal time for short sellers as the stock screamed well north of $55 on a s.....

  CSGP: Have You Noticed?

It truly is remarkable. Quarter after quarter, CSGP management talks about phenomenal traffic gains for its flagship properties and explosive growth in bookings.  Yet, when the rhetoric melts away and questions are asking about organic or .....

  HCG.TO: OSFI Data Suggests HCG Earnings Could Fall Short for 3Q15; Five Key Questions That Need to Be Answered

A few things have become clear about HCG over the past several months:
  1. Management refuses to “clear the air” surrounding the extent of the company’s involvement in and potential exposure to mortgages that we.....