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KNL: Generation and Antenna Product Lines are Just Getting Going – Long KNL/Short MLHR

April 15th, 2011

Although the company’s results were relatively inline with consensus we would argue KNL’s 1Q11 operating results and significant YOY increase in backlog further validated our thesis that the company will be the fastest growing...

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In the Office Furniture Market the Second Derivative Is Improving, but Maybe Not Quickly Enough – Closing Out Our...

March 14th, 2010

In July of 2009 we introduced a pair trade: Long MLHR/Short HNI.  Our thesis at that time was predicated on the following: MLHR is a superior company to HNI based on almost every financial...

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The State of the Office Furniture Market – Still Recommending Long MLHR/Short HNI

March 10th, 2010

This report was originally published on 9/10/09.In our original report on the office furniture market entitled: “Generating Returns in an Industry in a Deep Freeze” we advocated going long Herman Miller (MLHR 20.04...

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Our Long MLHR/Short HNI Has Gone From a Catalyst Driven Trade to a Relative Value Trade, but We Still Like it

March 10th, 2010

This report was originally published on 7/26/09.Our pair trade recommendation to go long Herman Miller Inc. and Short HNI Corporation got off to a bumpy start. The trade has returned -6.4% compared to a 4.1%...

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Generating Returns in an Industry in a Deep Freeze – Long Herman Miller Inc. (MLHR)/Short HNI Corporation (HNI)

March 9th, 2010

This report was originally published 7/20/09.Investment Thesis Overview:In the debate over “green shoots” we have directed our attention in large part to the state of the housing market as an indicator...

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Current Ideas

WWE

LONG

$35

RY

SELL/SHORT

$70

CM

SELL/SHORT

$76

CTC

SHORT

$101

ATGE

SHORT

$15

AYI

SHORT

$108

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

BIG

SHORT

$28

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ING.PA

SHORT

$35

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

BCO

LONG

$35

KNL

PAIR - LONG KNL/SHORT MLHR

25%

XOXO

LONG

$20

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

ARC

LONG

$12.50

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR