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/ZG: Desperate Times, Desperate Measures – The Implications of Eliminating “Featured Listings” & Other Changes to the Zillow Ecosystem

It’s one of the more laborious, mind-numbing, and tedious exercises we have conducted on any investment idea, but it has proven to be the most revealing. Of course, we’re talking about the task of simply reviewing the data that makes up l.....

  RON.TO: The Irrational Bid Is Alive and Well in Canada, Closing Out Short Idea with a (-49%) Loss Following Acquisition by Lowe’s

This isn’t the first time, nor will it be the last (unfortunately) that the stock of a company that we have recommended going short has been acquired. It happened with OPEN, MCRS, and now RON.  Through yesterday, RON shares had declined (-.....

  DV: FTC and Dept. of Ed. Actions Confirm What We’ve Known All Along, There’s No Way DVU Has a 90% Job Placement Rate, Lowering Target to $15

For once, it appears that DV management might has gotten something right in their “fearless” forecasting – the FTC investigation from our perspective has come to its “logical close”.  We cannot prove this, but we highly doubt that .....

  HCG.TO: OSFI Data Suggests Origination Weakness Continued in 4Q15, EPS Could Miss Consensus, Lowering Target to $16

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 growth in uninsured loans in the fourth .....

  NA.TO: Taking a Closer Look at NA’s Commercial Loan Book as the Pitfalls of Recency Bias Come Front and Center; Lowering Price Objective to $22

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, overdevelopment in real estate, and persistent in.....