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Introducing the "SAF Surveys" - A View From Dealers Across the Industrial Complex

May 16th, 2025

We are introducing a new research product this morning: the "SAF Surveys".  We have conducted a survey of roughly 70 dealers across a variety of industries including: Construction equipment dealers Outdoor power...

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EXPI: When the US Recruitment Engine Falters, You Become an International Growth Story

May 7th, 2025

It’s never a good sign when a supposed leader in the US real estate industry begins the prepared remarks for the conference call with a discussion of market launches in PERU and TURKEY during the quarter. In theory, EXPI...

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FRPT: Secular or Cyclical? That is the Question

May 6th, 2025

Let’s not forget how the year started with Freshpet  The management team always comes off as affable and forthcoming, when things are going well….  Starting back in early January, FRPT management elected not to include a new slide deck as part of...

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TRUP: More of the Same from TRUP as the Company Continues to Hemorrhage Share in the Suddenly SLOWING Pet Insurance...

May 2nd, 2025

If we take one giant step back and remove ourselves from the “weeds” of Trupanion, the one conclusion we can make about the company’s earnings results is that it was simply...

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TRUP: The Key Questions TRUP Faces Heading into 1Q25 Earnings as the Insurance Rate Spiral Is Increasingly Laid Bare

April 30th, 2025

In what can only be described as a pyrrhic victory, we were modestly encouraged by the stock price action in TRUP over the past few weeks.  That warrants an explanation.   For almost a...

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KNSL: Where Pricing, Aggressive Exclusions, and Litigation Prowess Get Confused for Operational Efficiency and...

April 25th, 2025

Imagine our horror over the past 2-3 weeks as the market experiences a crash of sorts in response to the Liberation Day tariffs and investors pile into KNSL of all stocks in a “flight to...

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A BULL FOR ALL SEASONS –THE TORO COMPANY (TTC), Closing out Husqvarna Short Idea with a (-59%) Gain

April 16th, 2025

We are intrroducing the Toro Company (TTC) as a long idea with a $110 Price Objective.  Read on for more....

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CWH: Assessing the Impacts of Tariffs on the RV Industry; PAA Research's Spring 2025 Dealer Survey

April 4th, 2025

Over the past few weeks, we surveyed 20 RV dealers across the country to get a better sense of sales trends throughout the quarter, channel inventory dynamics, and price trends. Additinoally, we asked a number of...

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Buyback Outliers: March 2025 Update

March 20th, 2025

In our first report in which we introduced the Buyback Outliers List, we argued that those companies with consistent and sizeable buyback programs typically performed better during market downturns even though the relative outperformance of serial stock repurchasers compared to the...

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FRPT: Estimates Remain Jarringly High in the Context of Increasingly Clear Signs of Revenue Deceleration (Even at...

February 24th, 2025

There were signs….  Starting back in early January, FRPT management elected not to include a new slide deck as part of its presentation at the ICR Conference. At the time, management...

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TRUP: The Jaws Are Closing Quickly in the “Trupanion Trap”

February 20th, 2025

If you’re still not convinced that price action determines the narrative around any given stock, consider the following changes in how investors think about TRUP:   • Ten weeks ago: Trupanion is a market leader poised to profitably...

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KNSL: Slowing Growth Brings Investors Closer to Seeing KNSL For What the Company Really Is

February 14th, 2025

“Also of note, the appreciation of Kinsale's stock price over the course of 2024 exceeded that of the S&P 500 Index for the eighth time in the last 9 years since our IPO back in...

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PAA Research: The January 2025 PAA Research Watch List Has Been Published

January 28th, 2025

You can find it on the WATCH LIST tab on our website or by clicking the link below.

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PAA Research’s “Five and Dime” List: Up 13% Over the Past 3-Months, 123% Inception to Date; Latest Changes to the...

January 20th, 2025

Approximately two years ago, we introduced our first “Five and Dime” List as part of our regularly published “Watch List”.  In January 2023, we were just a few months...

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TRUP: A Broken Product - State Level Data Puts TRUP’s “Insurance Rate Spiral” in Full Relief as Base Rates Reach...

January 9th, 2025

As far as our work on TRUP is concerned, we were delighted to turn the page on 2024. If you told us that TRUP would witness a massive deceleration in enrollment growth, persistently high churn, and...

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Current Ideas

HUSQ.B

SELL

$50

TTC

LONG

$110

KNSL

SELL/SHORT

$230

FRPT

SELL/SHORT

$55

BYON

LONG

$70

EXPI

SELL/SHORT

$4

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR