First and foremost we wanted to wish everyone a happy, healthy, and prosperous new year and thank you for your continued interest in our research. 2014 will be remembered as a Dickens-esque year at...
READ MORE >As you know, we love to conduct surveys. We're interested in learning more about how our clients utilize our service and ways in which we can improve the research offering and enhance client satisfaction. Please click on the link below to take the survey....
READ MORE >“We operate a minimal inventory, intermediary model where we typically take customer orders before we purchase inventory from our vendors”- ZU S-1 filing 11/13/13Much like NILE...
READ MORE >As you know, we love to conduct surveys. We're interested in learning more about how our clients utilize our service and ways in which we can improve the research offering and enhance client satisfaction. Please click on the link below to take the survey. It should...
READ MORE >“On November 17, 2014, we obtained a commitment from Cerberus Business Finance, LLC to provide us with a new $100 million senior secured term loan facility”- ESI 2Q14 10-Q...
READ MORE >This oft quoted aphorism (incorrectly attributed to Twain) represents one of the greatest truisms for any seasoned investor: the ability to identify trends and map them to historical patterns is a...
READ MORE >“That was a mistake….Look deep, Josh. It’s there. It’s moves away, but it’s there. You’ve got him….. Don’t move until you see it.” Ben Kingsley, Searching for Bobby...
READ MORE >Approximately two months ago we introduced ZU as a short idea. As a reminder here’s the original elements of our short thesis:Cracks have started to emerge recently, but we think revenue, gross margin, and profitability...
READ MORE >“…the long-term opportunity for Rentals, we look at competitors in the rental space kind of pure play what they call ILSs or Internet Listing Sites, Internet Listing Services and we see a couple...
READ MORE >Heading into WWE’s 3Q14 earnings release here’s what we said about how the stock might react to the Network subscriber number (all else being equal):“Here’s how we think the stock COULD trade based on a...
READ MORE >In the context of the volatility in WWE shares thus far this year, the 20% trading range for the stock over the past three months can only be described as tranquil. Perhaps more importantly the relative amount of...
READ MORE >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%...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >“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...
READ MORE >Now it’s starting to make sense. Now we understand why Zillow agreed to pay $3.5B for a company which by almost every measure is 2nd or 3rd rate in the listings aggregation space. Now we are...
READ MORE >“In the process of taking his jacket off, the Artiste [Harry Zale] thrust his thick chest forward. Running down it were a pair of suspenders. They were broad and black, these suspenders, and even at the other end of...
READ MORE >When we think about the path in shares of WWE over the past 6-9 months, the perception of the company went from mature to explosive growth to mismanaged to what we think now is a compelling “free cash flow compounder” – all...
READ MORE >Tomorrow WWE will report its 2Q14 operating results. While the magnitude of operating losses in the quarter will be of some degree of importance, for now everyone will likely be focused on one thing – the total number of subscribers to the...
READ MORE >“The cheaters usually get caught--just never soon enough. Plenty more heads will roll.” Anonymous executive in the for-profit education space Given our longstanding bearish stance on...
READ MORE >We recognize that there are rumors in the market that Zillow could be in talks to acquire Trulia. We will have more extensive comments shortly, but we wanted to provide you with some insight on what the agent community...
READ MORE >“You can observe a lot by watching”- Yogi BerraAs Zillow shares climb to levels we previously never thought possible (amazingly in the absence of any material new news) we have spent...
READ MORE >In a surprise to no one at this point, ESI disclosed in an 8-K filing yesterday that the company’s Audit Committee in concert with the SEC Office of the Chief Accountant determined that the...
READ MORE >“Oracle is focused, focused like a laser on one goal over the next few years: becoming the number one company in Cloud computing's two most profitable segments: software-as-a-service, SaaS; and platform-as-a-service, PaaS.” · Larry...
READ MORE >It would be easy for us to simply dismiss PCLN’s proposed acquisition of OPEN for $103/share as an irrational bid and nothing more than another chilling sign of Internet bubble 2.0, but in no way would that approach improve our...
READ MORE >Rather than give you our usual initial diatribe, we’re going to present you with some quotes from ESI management over the past few years...
READ MORE >Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2014 annual conference. We wanted to pass along some key observations from our time in the exhibit hall. As you might imagine given our...
READ MORE >“Just when they think they have the answers, I change the questions”Roddy PiperNo quote could better encapsulate the impact that the company’s press release on the renewal of its domestic TV rights fees...
READ MORE >“Well that escalated quickly…”Ron Burgundy, AnchormanIn what is likely to serve merely an appetizer for the main course of volatility that WWE shares are about to dole out over the next two trading days the stock witnessed a 10% intraday...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0