please act accordingly, independent research firm, compelling investment opportunities and ideas
  Companies Followed
   APOL    ARC    AYI
   BCO    BGG    COCO
   CSGP    ESI    GCA
   HNI    HUBB    HURN
   ING.PA    IPSU    KNL
   NILE    OPEN    RGR
   SIG    SWHC    THQI
   TRLA    TTC    TWPG
   WPO    WWE    XOXO
   Z    ZIPR    ZU
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

  ESI: A Temporary Reprieve from, but Likely Not a Full Resolution of the Company’s Liquidity Woes

There’s a well-known adage in this business that the “highs are never as high as the lows are low”.  No truer statement could be made about our feelings on our short call on ESI today even with ESI shares down 72% YTD.  We introduced .....

  ESI: All That Matters Are Starts and Cash, Both of Which Appear to Be In Increasingly Short Supply; ESI Needs to Raise Capital In Our View

From our perspective, the long awaited filing of ESI’s 2013 10-K was as notable for what was NOT in the document as for what was.  After all, at this stage the only two data points that truly matter for ESI are: 1) New student starts, and .....

  ESI: A Liquidity Crisis Has Arrived (Finally), As Regulatory and Litigation Tail Risk Looms Large, Taking Price Target to $2

For several years now we have argued that ESI needed to raise capital to position the company to meet its contingent liabilities related to guarantee payments on private student loan portfolios and potential regulatory/litigation tail risk wh.....

  Z: Cuts to Featured Listings for Premier Agents Suggest Zillow’s Advertising Inventory Problems Could Be Escalating as Brokers Exert Leverage

Approximately two months ago we published a report backed by a review of more than 2,000 listings in 50+ markets on Zillow (“Z: Look at the Listings, the Zillow Ecosystem Might Not Be What You Think It Is – The Fallacies of the Bull C.....

  ZU: Blue Nile Redux? Another False TAM Story with a Broken Business Model, Time to Get Short with a Price Objective of $17

We offer consumers a very different way to shop. Its a much better experience than they get in a store environment, I will take you through that today. But, what consumers are getting is a much more empowering purchase process, a highe.....