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

  Z: Game Changer? The Age of Upstream Might Finally Be Upon Us As Brokers Attempt to Reassert Control over the Flow of Listings Data

“Beware the the “tions” of 2015, Especially Those Related to Project Upstream….” -          PAA Research, 1/29/15 There’s something brewing here that really makes me think that the people in.....

  Z: Purposeful Obfuscation of Slowing Metrics and Other Key Takeaways from Zillow’s Earnings Release and Analyst Calls

Heading into the company’s 1Q15 earnings call we thought we might get the following from Zillow:
  • Messy 1Q15 results - check
  • New metrics that would be impossible to reconcile with historical results from Zillow and Tru.....

  ESI: The ZERO Scenario Is Finally Here and the For-Profit Education Space Might Never Be the Same

“You shouldn’t talk to that guy, he’s a liar” You might be thinking that’s a quote from someone talking about Kevin Modany, but in fact this is a quote FROM Kevin Modany which was said to a reporter when he was asked abo.....

  HCG.TO: A Web of Inconsistencies, As We Look Back to the 1990’s

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 1.....

  CSGP: Why Are Investors Excited About CoStar’s Capital Intensive, Margin Dilutive Market Share Grab in Rentals?

“Yeah. I'm not buying that stock [Apartment finder] at that price [14x EBITDA]. I will buy that stock at half that price. -          Andy Florance, CEO CoStar Group, Inc. 4/30/15 Just an observation - it .....