Not all short-sellers are looking to make a big splash when they come up with a new short thesis. Brad Safalow, CEO of PAA Research, has been able to generate consistent short alpha for over a decade all while keeping his research behind a paywall. Here, Safalow outlines his approach to fundamental research and risk management, explains why the most egregious frauds are often the worst shorts, and shares some of his most high conviction ideas as examples of the types of fundamentally flawed businesses he likes to target.