Today wrestling fans across the country are rejoicing over what many have deemed “the best Wrestlemania ever”. Following months of complaining from WWE’s legion of vociferous fans on social media and various...
READ MORE >2015 is shaping up to be an incredibly challenging year for Zillow. The ground is shifting rapidly in the residential real estate space as legacy brokerage firms and media companies (think News...
READ MORE >This report is a follow up to our note published 3/10/15 in which we introduced Home Capital Group (HCG.TO), National Bank of Canada (NA.TO), and Rona Inc. (RON.TO) as short ideas.“Get busy with...
READ MORE >“Get busy with the facts, No zodiacs or almanacs, No maniacs in polyester slacks, Just the facts…. The small gets big, It’s a rig…. You better run homeboy, A fact’s a fact… Roll the...
READ MORE >This morning Trulia filed its 2014 10-K. As you might remember, on the conference call discussing Zillow’s 4Q14 earnings and the closing of the acquisition management was unwilling to provide much detail on Trulia’s 4Q14 financial...
READ MORE >As long time followers of PAA Research know, we have a fair amount of experience dealing with heavily shorted stocks. This is not our first rodeo with a stock that experiences a vicious rally that seems to have been...
READ MORE >We are closing out our TRLA short idea with a (-62.3%) loss following the company's acquisition by Zillow. Many, if not most elements of our short thesis on TRLA did indeed play out: in almost every way the...
READ MORE >COCO shares were delisted from the NASDAQ today. We are closing out our COCO short idea with a 99.9% ABSOLUTE gain and 176.1% alpha generation. It is our goal to identify short ideas that have 100% absolute return potential. Obviously,...
READ MORE >“So hold on tight, with all your might… Cause MC's [market caps] crumble when we rumble… Cause in this battle, I’m takin no prisoners, I’m slayin MC's right on the...
READ MORE >Approximately 6-months ago we introduced ZU as a short idea. At that time our thesis was as follows: Zulily’s TAM is HUGELY overstated. Bulls make the case that the markets in which Zulily participates generated...
READ MORE >We were very eager to hear DV management’s commentary on the 2Q15 earnings call following a quarter in which almost every single enrollment metric and financial detail seemed to validate our short...
READ MORE >ESI shares traded up 20%+ today in reaction to the completion of COCO's asset sale to ECMC and the announcement that loan forgiveness on COCO's Genesis loan program will be 40% of principal. There are some that want to interpret the 40%...
READ MORE >“I’m wide awake. I’m wide awake. Wide awake. I’m not sleeping. Oh, no, no, no….. If I could, you know I would. If I could, I would. Let it go….” U2, “Bad”, The Unforgettable Fire In this wonderful song...
READ MORE >Admittedly we walked into our offices Monday morning wondering if shares of WWE would come under pressure following a negative response from a vocal, but apparently small subsection of the...
READ MORE >Sorry we didn't pass along some feedback sooner, but we wanted to share a few key data points and thoughts on Obama's proposal to make community college free for students that maintain a 2.5 GPA. The program is largely modeled on one...
READ MORE >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 >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