“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” Benjamin Graham This oft...
READ MORE >“I think it's -- the work that's being done in our underwriting team to accurately price for risk. There's a lot of work that's going into the evaluation of business for self...
READ MORE >We thought we knew what we were getting into when we wrote up OSTK as a long idea less than two months ago. Since that time, shares have crashed more than (-50%) – obviously we made some...
READ MORE >If you’ve followed Todd Nelson’s career in the for-profit education space over the years, a few core competencies become evident: Running “fast and loose” with regulatory compliance Achieving enrollment growth at any cost for...
READ MORE >We apologize for not publishing our thoughts following TRUP’s 3Q19 earnings release and subsequent conference call sooner. We wanted to make sure we had the chance to fully vet some of...
READ MORE >“Overall, we're pleased with our top line growth in the quarter, and we believe our stepped-up investments in marketing, along with increased corporate cost discipline position us well to...
READ MORE >“The fact that I mentioned for the first time any guidance on the top line growth, I think is noteworthy. I think what I said was that we plan to have solid double-digit growth in 2020. The demand we've...
READ MORE >Slowing sales trends as competition starts to heat up.
READ MORE >Sometimes in this business it truly is remarkable how stock price action dictates the narrative around a company. We’re not going to go down the Soros reflexivity rabbit hole here, but let’s take you back just 10-weeks ago following TRUP’s 2Q19...
READ MORE >“…we feel it is important for all investors and analysts to understand that we believe our net sales could be down modestly in this coming fourth quarter...
READ MORE >Before we get into the issue of the day, we wanted to provide some perspective on how we’re thinking about OSTK based on a similar investment idea we introduced roughly 8-years ago. The...
READ MORE >It’s been an interesting six weeks for Career Education Corporation. In the time since we introduced CECO as a short idea, the stock has witnessed a 20%+ rally following the company’s 2Q19 earnings results, only to give up almost all...
READ MORE >Question – Jeffrey Marc Silber: Okay. And then sorry, just one more question on the quarter. Just looking at some of the details, if I look at the home office expense, even...
READ MORE >“And so I think each quarter, I would just continue to reiterate from the guidance I provided previously is that the baseline here is that our reserves -- Stage 1 and 2 reserves will grow in line with...
READ MORE >Approximately 3-years ago we introduced BIG as a short idea. Our thesis at that time was as follows: The financial benefits of gaining access to EBT/SNAP benefits and the introduction of Easy Leasing...
READ MORE >“And I just wanted to talk about my attitude or our attitude toward iBuying. As we tried to make clear over the past 6 months, the demand is real and it's very strong. So we are quite...
READ MORE >“The proliferation of outsourced online degree programs offered by traditional academic institutions has changed the competitive landscape in higher education. The programs require almost no capital investment...
READ MORE >“When it comes to claims as a percentage of revenue, it's really a factor of how is claims per pet increasing based on how ARPU, which is a per-pet number, is increasing. And they don't...
READ MORE >Admittedly, heading into the quarter we thought the revenue results and sales outlook for 3Q19 for TREX would be materially worse. For the past few months the only consistent feedback we heard surrounding the company was that dealers...
READ MORE >With all due respect to AYI management, there was nothing ridiculous about the (-11%) sell-off in AYI shares this morning. Obviously we are in the minority here, as the stock rallied 3-4 to close down a more meager -8%. Based on our checks with...
READ MORE >Attached please find a slide deck outlining the feedback from our latest survey of lighting agents.
READ MORE >Heading into earnings season for the Big 6 Canadian banks, we were almost certain that a great deal of the discussion on the analyst conference calls would be centered around loan performance in...
READ MORE >“Look, look, you don't have to be any good. I mean all you have to do is have someone less good along with you. That's the whole theory behind fishing” Murdock, Dwight...
READ MORE >“Yes, because of forward looking, some of the economic scenarios have moderated. So our residential, despite the growth in the portfolio, some of that provision was released” Bradley Kotush. Home Capital Group CFO. 1Q19 Earnings Conf. Call....
READ MORE >Over the past 2-3 months, the competitive landscape for TRUP has shifted dramatically. First, Synchrony Financial (SYF) acquired Pets Best. Synchrony will operate Pets Best as part of the company’s CareCredit division which offers a variety of credit...
READ MORE >Every stock is a story, it’s always been that way. Tens of billions of dollars are spent annually by corporations to establish the narratives surrounding their companies in the investment community. At no point in our investment careers, has story-telling been a more...
READ MORE >“I am on the hunt for new and bigger ideas that can change our company and even the industry. I know we have to keep thinking bigger given the industry dynamics and our need to create more shareholder...
READ MORE >“We are very pleased with the current selling season, which will be for 2019 business. We had very good reception; we are going to take a lot of market share in the retail space with our...
READ MORE >Over the past few weeks, we conducted a survey of more than 250 real estate agents across Canada. Click on the link below to view our presentation which outlines our research on the Canadian housing market at a high level and the critical findings from our...
READ MORE >Well, let’s chalk today’s price action to yet another example of the difficulties of predicting near term gyrations in any given stock. Even with PERFECT information, we would not have predicted that AYI shares would rally 9%...
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