This report was originally published on 3/4/10.We recently discussed WPO (446.15 ↓1.20%)’s 4Q09 results, which have prompted a 5.8% rally in shares. In our review, we highlighted how we were eagerly...
READ MORE >This report was originally published on 3/2/10.We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial...
READ MORE >WPO reported 4Q09 results this morning. You can read all of the details here. The company’s revenue and EPS of $1.238 billion and $8.71 beat the lone set of analysts estimates out there of $1.16...
READ MORE >This report was originally published on 2/21/10.Our entry for chart of the week is sure to send a painful reminder to shareholders of APOL(63.11 ↓0.52%) about Friday’s sell-off. APOL provided initial guidance for...
READ MORE >This report was originally published on 2/21/10.ESI released its annual 10-K filing on Friday. We wanted to provide you with a few key observations and revisit some of the original tenets of our...
READ MORE >This report was originally published on 2/9/10.In an 8-K filing this morning, COCO (17.72 ↑1.72%) disclosed its draft 2-year cohort default rate (CDR) data for FY08, which was released to...
READ MORE >This report was originally published on 2/2/10.COCO reported 1Q10 results this morning. You can read the full press releasehere. Overall the company delivered upside to consensus on both the top...
READ MORE >This report was originally published on 1/26/10.We recently conducted a survey of privately-held for-profit postsecondary education institutions. Our goal was to gain a better understanding of...
READ MORE >This report was originally published on 1/21/10.ESI reported 4Q09 results this morning. You can read the full press releasehere. Overall we would characterize the results as a solid beat relative to...
READ MORE >This report was originally published on 1/19/10.ESI will report 4Q09 results on Thursday, before the market opens. Here are the issues which we expect to be at the forefront of investor concerns heading into and subsequent to the company’s earnings...
READ MORE >This report was originally published on 1/6/10.ZipRealty Inc. announced preliminary revenue results for 4Q09. You can read the full releasehere. Overall, the company topped consensus revenue...
READ MORE >This report was published on 12/17/09.The education stocks are trading off today following the release of a memorandum from the Department of Education’s Office of Inspector General (OIG). You can find the memorandumhere. ...
READ MORE >This report was originally published on 12/16/09.Shares of SIG (29.54 ↓0.94%) have pulled back in the past 10-days following ZLC (3.03↓6.19%)’s 10-Q filing, in which Zale’s reported...
READ MORE >This report was originally published on 12/14/09.The Department of Education released unofficial 3-year cohort default rate data this morning. You can find the DOE’s press release here, which also...
READ MORE >This report was originally published on 12/9/09.We have expressed our concerns in the past about the impact the transition from a 2-year to a 3-year cohort default rate calculation could have on the...
READ MORE >This report was originally published 12/1/09.The U.S. Department of Education (DOE) distributed its first round of proposals to the negotiated rulemaking panel on Monday on Program Integrity Issues...
READ MORE >This report was originally published on 11/8/09.In a recent letter to Warren Buffet, we voiced our concerns about what seem to be growing regulatory issues at Washington Post Company (WPO 444.32 ↓2.02%)’s most...
READ MORE >This report was originally published on 10/30/09.We wanted to address a few issues related the for-profit education sector: WPO (445.09↓1.85%)’s 3Q09 results, a few thoughts on COCO (17.28 ↓1.20%)’s 10-Q filing and a playbook for the...
READ MORE >This report was originally published on 10/28/09.We are closing out our short idea in Smith and Wesson (SWHC 4.74 ↑0.42%). We are also removing the SWHC short position from our PAA Research SMid Cap portfolio. Even though we think consensus estimates remain...
READ MORE >This report was originally published 10/28/09.Readers of our research know that we have been bearish on the for-profit education sector for the past few quarters based on our concerns about growing...
READ MORE >This report was originally published on 10/27/09.Corinthian Colleges, Inc. will report 1Q10 results on Thursday before the market opens. Overall we expect the company to post inline results highlighted...
READ MORE >ESI reported 3Q09 result this morning. You can find the release here. Overall the company beat by approximately $5 million on the topline and $0.03 on the bottomline. Here are our quick...
READ MORE >This report was originally published 10/21/09.ESI reports 3Q09 earnings and fall term enrollments Thursday morning. In general, we have discussed at great length our concerns about what we view as structural issues with the...
READ MORE >This report was originally published on 10/20/09.Corinthian Colleges (COCO 17.39 ↓0.57%), Inc. announced it has reached an agreement to acquire Heald Capital, the owner of Heald Colleges for a total consideration of...
READ MORE >This report was originally published 10/14/09.A hearing was held today by the House Committee on Education and Labor entitled: “Ensuring Student Eligibility Requirements for Federal Aid”. You...
READ MORE >This report was originally published on September 15th, 2009.Please note, the following is a letter PAA Research recently sent to Warren Buffet, Chairman and CEO of Berkshire Hathaway, Inc.. We thought our readers might find the analysis of Washington Post and...
READ MORE >This report was originally published on 9/30/09.SF Weekly has published an article today about Corinthian Colleges and the broader for-profit education sector. You can find the article here. Overall the article appears to villify the for-profit...
READ MORE >This report was originally published 9/30/09.There is little debate that President Obama’s most effective economic stimulus has been for the broader firearms industry. As soon as it became clear in October of last year that Obama would...
READ MORE >This report was originally published on 9/22/09.For those of you that have followed our research since inception, you are probably intimately familiar with our concerns about the for-profit education...
READ MORE >This report was originally published on 9/15/09.Yesterday, the Department of Education released student loan cohort default rate data for the 2007 fiscal year. Overall, the national student loan cohort default rate (CDR) increased from 5.2% to 6.7%. As we...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
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