Over the past few weeks, we’ve been incredibly fortunate to gather extensive feedback from bulls and bears alike about the merits of their investment thesis on TRUP. One thing is clear: this is a highly contentious stock. Bulls feel...
READ MORE >Somewhere in the Bay Area right now, a seasoned executive in the retail space sits in his office with a furrowed brow and clenched hands as he contemplates his move back to Ohio. West Point grads are known for their tenacity in tackling a challenge, so there’s little doubt that Bruce...
READ MORE >“At this point, we're clearly bias towards scale over profitability, but because we've been selling the houses so much faster than we anticipated, the return on equity has been better...
READ MORE >For several years now, we have wondered aloud what HCG’s financial profile would look like in a scenario in which the company was forced to introduce true underwriting rigor to its mortgage origination...
READ MORE >“Then he clambered to the top of the pile, dropped to his knees, and began gleefully digging out scoop after scoop with his bare hands. 'What do you think you're doing?' the...
READ MORE >“We are a direct-to-consumer monthly subscription service providing a medical insurance plan for cats and dogs throughout the United States, Canada and Puerto Rico. “ Trupanion, Inc. S-1 Filing....
READ MORE >More of the same on the pricing front as structural disruption in the channel continues and agents increasingly question the duration of the led cycle...
READ MORE >“The first slide talks about demand for nursing, and I know this is a frequent question that many of you have. And the data are conflicting. There's a lot of disagreement in the marketplace about whether there is or will be a shortage,...
READ MORE >“So the original 10% was related to what we thought or anticipated the B-20 impact would be. So that was on that part of the business. When we take a look at the second half ,we continue to see that there will be origination...
READ MORE >“About this time, someone is telling you to get on the plane. "Get on the plane. Get on the plane." I say….. I'm getting IN the plane! IN the plane! Let Evil Knievel get ON...
READ MORE >We’re going to keep things brief here. The current ATGE management team has always favored style over substance, particularly in their shareholder communications. Management has spent an inordinate amount of time crafting a growth narrative around the company when in reality...
READ MORE >With management’s usual flair for the dramatic and acute sense of self-importance, Zillow announced yesterday that it plans to buy and sell homes on the open market through expansion of the...
READ MORE >We hope you will consider this report for your weekend reading list. Over the past few weeks we surveyed more than 300 real estate agents in Canada. The attached presentation outlines the feedback we received from those agents...
READ MORE >Heading into BIG’s 4Q17 earnings release, we thought the company would be able to generate positive comps, albeit lower than consensus, but would struggle to generate the kind of operating leverage on meager SSS growth it has achieved over...
READ MORE >Presumably BIG will report 4Q17 earnings results on Friday morning. At this stage, the company has not yet announced an official reporting date which is somewhat unusual. Historically, BIG has...
READ MORE >“Against this backdrop, management and the Board are reassessing the corporate strategy and are focused on finalizing the Company’s long-term strategy during the first half of 2018 to help grow the business, create...
READ MORE >“Somethin' ain't right. Gonna get myself, I'm gonna get myself Gonna get myself connected I ain't gonna go blind For the light which is reflected I see through...
READ MORE >For the past 18-24 months ATGE bulls have argued that the removal of DVU from the company’s portfolio of education assets would result in meaningful share price appreciation. For many an ATGE investor, DVU’s severe revenue declines and modest...
READ MORE >“I’m not an economist so I don’t have a crystal ball” Vernon Nagel, Chairman, President, and CEO. Acuity Brands Inc. 1/9/18. 1Q18 earnings conf. call Finally, a...
READ MORE >PAA Research surveys lighting agents across the country on a semi-annual basis. The latest survey was conducted in the first few weeks of November. 35 lighting agents responded to our survey.
READ MORE >In a move that has been telegraphed for some time but occurred sooner than expected, ATGE announced that it has reached an agreement with Cogswell Education to “sell” DVU. The headline purchase price is $1,...
READ MORE >Expanded square footage, broader product offerings and SKU sets (gray!), more liberal down payment options through Progressive, and the Big Lots private label credit card couldn’t prevent BIG from witnessing massive deceleration in growth...
READ MORE >The gravity of this statement from The Wire’s Omar Little is not lost on us. Time and time again in the two and half years that we have been following the Canadian housing market investors have suggested to...
READ MORE >Meet the new Boss, same as the old Boss? When Yousry Bissada steps up to the mic today to discuss the performance of HCG during the first three months of his stewardship, we’re almost certain...
READ MORE >Even through the prism of what some might argue are “jade colored glasses”, we cannot find enormous fault with Zillow’s 3Q17 earnings results and 4Q17 outlook. The company delivered a modest topline beat largely due to better than...
READ MORE >“We are often asked about the vitality and conditions of the key end markets we serve. We now know that the overall growth rate of the lighting market over the last 2 quarters was essentially flat and even slightly down compared with the...
READ MORE >“Games people play, You take it or leave it Things that they say, Just don't make it right If I'm tellin' you the truth right now, do you believe it Games people play in...
READ MORE >This morning STRA and CPLA announced their intention to “merge” in an all-stock deal. CPLA shareholders will receive 0.875 shares of STRA stock for each share they own. Although this transaction has been...
READ MORE >“We’re focused on growth in e-commerce….I don’t think enough companies worry about obsolescence. We think about it all the time.” Kevan Gorrie, CEO Pure Industrial REIT 2/9/17 (Canada...
READ MORE >For some investors and analysts, today was yet another grand exercise in banging your head against the wall, which some have affectionately (or not so affectionately) called short selling. We recognize why...
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