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COCO: With $200MM Left to Go, Things Could Be Coming to a Head

January 31st, 2013

Despite all of the levers the company has pulled (cohort default rate “management”, asset sales, off-loading student loan credit risk temporarily, sale lease backs) over the past two years, it finally appears that COCO is starting to run out of...

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COCO: The Games Continue…. The Three Most Important Questions for COCO Stakeholders Now

October 31st, 2012

In some respects, given all that has happened over the past 2-3 years in the for-profit postsecondary education space it’s hard to imagine that COCO is still hanging around.  After all, in an era when brand, price, and return...

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For-Profit EDU: Checks with Privately Held Institutions Suggest We’re On the Cusp of Yet Another Round of Meaningful...

October 15th, 2012

On Tuesday, October 16th APOL will kick-start the earnings season in the for-profit postsecondary education sector.  Investor expectations for the company’s results, particularly surrounding new...

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COCO: Another Log on the “Regulatory Fire”

September 18th, 2012

“The investment thesis for us is pretty straightforward, as I said earlier, career-oriented, that's a big deal to us. I mean, we're teaching students how to become prepared for their first job. Not only do we teach them and get them through the process, we also spend a...

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COCO: All Available Levers Pulled, The Focus Should Increasingly Turn to COCO’s Liquidity and Leverage

August 20th, 2012

After gapping down earlier in the morning, COCO shares rallied over the course of the day to end down only 1% following 4Q12 results and management commentary that should create significant cause for concern among...

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For-Profit EDU: Checks with Privately Held Institutions Suggest Trends Are Not Getting Better; Be Wary of the 150%...

July 24th, 2012

Make no mistake, as we navigate earnings season in the for-profit education space over the next 2-3 weeks, the poor operating results from DeVry will look like an accurate gauge of the operating...

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For-Profit EDU: The CFPB Frames the Private Student Lending Industry

July 20th, 2012

Early this morning, the Consumer Financial Protection Bureau (CFPB) released its long awaited report on the Private Student Loan (PSL) industry.  The report provides a broad overview of the characteristics of the private student loan market for the...

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My Interview in Barron's

July 1st, 2012

In case you missed it, I recently had the opportunity to speak with Leslie Norton of Barron's about PAA Research, our approach to idea generation, and some of our latest thoughts on for-profit education, payment processing and OPEN, Z, BGG, and TTC.  You can find the full interview HERE.

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

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

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR