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

  HCG.TO: Management Desperately Tries to Spin a Narrative While the Company Increasingly Runs to Stand Still; Let’s Review the Facts

…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 quote actually was stated by n.....

  Canadian Housing: The Pressure Point – MIC’s and Private Mortgages Have Become the Central Lynchpin Holding Up the Canadian Housing Market

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 the sharp decline in oil prices.  In .....

  HCG.TO: The Disturbing Facts Continue to Pile Up Suggesting Far Deeper Issues, the Downside Could Be Bigger Than We Originally Thought

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 nothing short of disturbing.  To summari.....

  Z: A Sin of Omission and Other Thoughts on the CFO’s Departure

From our perspective, within the walls of Zillow Chad Cohen has been the fourth most important person in the company’s empire building efforts over the past decade behind Spencer Rascoff, Greg Schwartz, and Richard Barton.  This is why we .....

  CSGP: A Year From Now, Who Will Remember Brad Bellflower? Cutting Adjusted EBITDA and EPS Estimates

Now that was a press release straight out of the late 1990’s tech company playbook.  Even for a management team that’s renown for its constant self-promotion and “smoke and mirrors” games with growth metrics, this was an interesting .....