COCO shares were delisted from the NASDAQ today. We are closing out our COCO short idea with a 99.9% ABSOLUTE gain and 176.1% alpha generation. It is our goal to identify short ideas that have 100% absolute return potential. Obviously,...
READ MORE >ESI shares traded up 20%+ today in reaction to the completion of COCO's asset sale to ECMC and the announcement that loan forgiveness on COCO's Genesis loan program will be 40% of principal. There are some that want to interpret the 40%...
READ MORE >Sorry we didn't pass along some feedback sooner, but we wanted to share a few key data points and thoughts on Obama's proposal to make community college free for students that maintain a 2.5 GPA. The program is largely modeled on one...
READ MORE >“The cheaters usually get caught--just never soon enough. Plenty more heads will roll.” Anonymous executive in the for-profit education space Given our longstanding bearish stance on...
READ MORE >Here we are on the eve of another earning season in the for-profit education space and it appears that all of the challenging trends the group faced for the Winter term still remained firmly entrenched during the Spring enrollment...
READ MORE >In many respects, we are stunned that COCO shares did not trade down more today. Let’s consider what “new” information we learned as a result of the company’s earnings release: 1) starts trends are...
READ MORE >The for-profit postsecondary education sector has been a “contrarian’s delight” for the better part of 12-months. Initially what started as a long trade predicated on overly bearish sentiment...
READ MORE >Tick, tick, tick….. From where we sit, it certainly feels like the walls are closing in on COCO as the company’s weak enrollment results, shrinking EBITDA generation, tenuous liquidity position, and...
READ MORE >“It’s real the pain you feel, you trust, you must confess Is someone getting the best, the best, the best of you?”- Foo FightersOften wrong, never in doubt…. If we could use...
READ MORE >We watched the stock price action in COCO over the past two weeks with considerable befuddlement and consternation. After all, the stock rallied more than 25% following the announcement that the Department of Education had preliminarily sided with the...
READ MORE >“And you all know how the story go….Not bad meaning bad but bad meaning good…”- Run-DMCWith all due respect to Monsieurs Simmons, McDaniels, and Mizell we doubt that they...
READ MORE >Earlier this week, the American Arbitration Association ruled on a dispute between a former student of CECO’s California School of Culinary Arts (since rebranded the Le Cordon Bleu College of...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >“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...
READ MORE >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...
READ MORE >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...
READ MORE >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...
READ MORE >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.
READ MORE >LONG
$70
SELL/SHORT
$4
SELL
$50
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%
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