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APOL: Struggling to Find Its Way in the Era of Brand and Price, Staying Short

March 27th, 2012

The statistics in many respects are simply overwhelming.  Consider the following: More than 700,000 students have now graduated from the University of Phoenix Stated another way, 1 in roughly 450 Americans has a degree from the...

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APOL: Management Has No Visibility, Lowering Estimates

February 29th, 2012

Approximately 3-months ago we published a report entitled: “The Monster Is Out of the Cage and APOL’s Secular Decline Begins in Earnest” in which we outlined our short thesis for APOL.  Below we quickly review the principal tenets of the secular short case...

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For-Profit EDU: Will Winter Term/4Q11 Results Represent an Inflection Point for the Industry? Checks with Private...

January 25th, 2012

Yesterday we published a lengthy report that outlined the 12 issues that we think will have the greatest impact on the enrollment, revenue, EPS and stock sentiment of the publicly traded for-profit...

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For-Profit EDU: As the Focus Turns To “Brand and Price”, The 12 Issues That Will Matter Most in For-Profit...

January 24th, 2012

Perhaps it happens every year, but the relative outperformance of last year’s losers compared to the prior year’s winners has been particularly pronounced thus far in 2012.  The 25 worst...

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APOL: A Question of Amplitude and the Eight Other Issues that Matter Most, Staying Short

January 6th, 2012

APOL reported 1Q12 enrollment and earnings results that on the surface, at least looked like exactly what bulls on the stock were hoping for.  To quickly review: The company posted slight revenue upside and beat on EPS by a...

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APOL: The Monster Is Out of the Cage and APOL’s Secular Decline Begins in Earnest

December 15th, 2011

It used to be something that operators in the for-profit postsecondary education space could joke about with investors.  When asked what would represent the biggest competitive threat to their enrollment growth prospects, 5-years ago...

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HCG.TO

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AYI

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RON.TO

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$9

BIG

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ESI

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DV

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BGG

PAIR - LONG BGG/SHORT TTC

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TTC

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NA.TO

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ING.PA

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XOXO

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CSGP

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ARC

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40%

THQI

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WPO

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