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ESI: PEAKS Losses Inform Investors as Much about the Present as the Past; Lowering Estimates Due to Reduced Starts...

March 25th, 2014

It what has become standard practice for ESI, the company filed an 8-K last Friday after the market close which delivered more unfavorable news.   If bulls are to be believed the latest development...

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ESI: In a Web of Partial Truths, Mis-statements, and False Promises, Focus on These Realities

January 30th, 2014

Really, who would trust this management team?  The current management team of ESI has been wrong on almost every front over the past 3-4 years whether it be: student start prospects, market clearing tuition levels, or actual...

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For-Profit EDU: The Hope for Hope Trade Could Be Coming To an End as Winter Term Enrollment Results Bring a Cold Dose...

January 29th, 2014

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...

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ESI: The PEAKS Problem – It’s Bigger than You Think

November 14th, 2013

“On the cost reduction efforts….As far as opportunities going forward there aren't a ton of opportunities right now, so we're not throwing another target out there, we're not throwing another bogey out there right now.” 10/24/13 Kevin Modany,...

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ESI: Despite the Stock Action, All Evidence Suggests the Downward Spiral in Earnings Power Could Continue

October 24th, 2013

Only in this environment might some people view an 10% move in a stock as a “relief”, but that is certainly how we feel today with ESI. That’s not to say our conviction in our short thesis has wavered in any...

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For-Profit EDU: The Stocks Have Been Telling Us For the Past 6-Months That the Fall Term Enrollment Intake Would...

October 22nd, 2013

“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...

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ESI: Robbing Peter to Pay Paul in a Race to the Bottom

July 26th, 2013

In a vacuum, there might be legitimate cause for excitement.  After 11 consecutive quarters during which ESI reported a YOY decline in new student starts the company was finally able to identify an elixir to its enrollment woes – aggressive tuition discounting...

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For-Profit EDU: Just When You Think You Have All of the Answers, We Change the Questions; Feedback from Privately Held...

July 24th, 2013

“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...

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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