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The Catalysts in the For-Profit Education Sector Over the Next 6-8 Weeks - It's Not All About Gainful Employment

September 23rd, 2010

Volatility has always been a hallmark of the publicly traded for-profit education companies.  In the ten+ years we have been following the sector, the number of trading opportunities have been seemingly...

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WPO: Barron's Strikes Again, A More Realistic SOTP Analysis, Tail Risk Growing Rapidly

August 23rd, 2010

Barron's columnist Andrew Bary published a follow up piece this weekend to his initial write-up on WPO in which he argued that the stock could be worth as much as $900/share.  You can read the original article here.  Mr. Bary's...

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We Thought the Repayment Rate Data Would Be Bad, It Was Worse - After "Black Monday" What Will Be the Lingering...

August 16th, 2010

On July 23rd, stocks in the for-profit education sector "ripped" after the release of the Department of Education's initial proposal on "gainful employment".  At that time, many investors thought...

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WPO: 2Q10 Earnings Release Is a "Wake Up Call" to Investors, Yields More Questions than Answers

August 6th, 2010

In our preview of WPO's 2Q10 earnings release we asked: "As the Questions Pile Up, Will We Finally Get Some Answers?"  Today's earnings release provided little in the form of clarity on the questions we asked, but it...

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WPO: As the Questions Pile Up, Will We Finally Get Some Answers?

August 3rd, 2010

Don Graham and other senior executives of WPO laud themselves for their "Berkshire-like" approach to managing the company.  In the world of WPO managment, the numbers speak for themselves.  While we find this approach refreshing in some respects, we...

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"Repayment Rate" Provision of Gainful Employment Is Not Nearly as "Toothless" as You Might Think

July 23rd, 2010

At long last the details on the Department of Education's proposal for its "gainful employment" were released. You can read an excellent summary of the proposal as well as responses from Senator Harkin, Harris Miller (CCA),...

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A View From Privately Held For-Profit Postsecondary Institutions

July 21st, 2010

Even though we are only 24 hours away from the first earnings report of the season from a publicly traded for-profit education provider, investor focus remains firmly on the eventual outcome of the Department of Education's "gainful employment" proposal....

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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

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$50

RY

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$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

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WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

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RDFN

PAIR TRADE

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BCO

LONG

$35

ING.PA

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$35

TRUP

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$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

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$0

RON.TO

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$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

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$22

ZU

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$15

TRLA

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$20

MCRS

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$31

APOL

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$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