Companies Followed
   APOL    ARC    AYI
   BCO    BGG    COCO
   CSGP    DV    ESI
   GCA    HCG.TO    HNI
   IPSU    KNL    LOOP
   MCRS    MLHR    NA.TO
   NILE    OPEN    RGR
   RON.TO    SIG    SWHC
   THQI    TRLA    TTC
   TWPG    WPO    WWE
   XOXO    Z    ZIPR
PAA Research
  For-Profit EDU: The Career College Crisis of Summer 2014; Checks Suggest Continued Weakness in Fundamentals – Where Is the Turn?
  For-Profit EDU: The Stocks Have Been Telling Us For the Past 6-Months That the Fall Term Enrollment Intake Would Represent An Inflection Point, Have They Been Right?
  WPO: The Irrational Bid Scenario Now Comes Into Play and Catalysts Are Limited, Closing Out Our Short Idea With a (-29.3%) LOSS
  For-Profit EDU: Just When You Think You Have All of the Answers, We Change the Questions; Feedback from Privately Held Institutions Suggests More of the Same for the Summer Term
  For-Profit EDU: Checks with Privately Held Institutions Suggest We’re On the Cusp of Yet Another Round of Meaningful Negative Estimate Revisions
  WPO: The Song Remains the Same, Lowering Estimates to Reflect Weakening Prospects for Kaplan
  For-Profit EDU: Checks with Privately Held Institutions Suggest Trends Are Not Getting Better; Be Wary of the 150% Limitation on Federal Student Loan Interest Rate Subsidies
  For-Profit EDU: The CFPB Frames the Private Student Lending Industry
  My Interview in Barron's
  For-Profit EDU: Another Log on the Fire? The Pell Grant Party Might Be Over
  For-Profit EDU: As Some Try to Celebrate “Less Worse” Metrics, Starts Deteriorate and a Fundamental Inflection Point Remains a Moving Target, What Industry Stakeholders Need to “Root” For
  WPO: 10-K High (and Low) Lights; 2012 Could Be As Good As It Gets for Quite Some Time, Revised Estimates
  For-Profit EDU: Will Winter Term/4Q11 Results Represent an Inflection Point for the Industry? Checks with Private Institutions Suggest Otherwise
  For-Profit EDU: As the Focus Turns To “Brand and Price”, The 12 Issues That Will Matter Most in For-Profit Postsecondary Education in 2012
  WPO: Steady As She Goes…. In Decline
  For-Profit EDU: More of the Same, Checks with Private Institutions Suggest Primary Fundamental Issues Likely Remained Firmly Entrenched for the Fall Term – Embrace “2-Year Stacked” Comps
  For-Profit EDU: More Details Emerge on the Extent of Online Fraud Rings, APOL Outlines Its Exposure
  For-Profit EDU: Highlights from Our Conference Call with a Representative from an Influential Consumer Advocacy Group
  REMINDER: For-Profit EDU - TODAY at 2:30PM EST, PAA Research Conf. Call with Deanne Loonin of the National Consumer Law Center
  REMINDER THIS WED: For-Profit EDU, Wed. 10/5 at 2:30PM, PAA Research Conf. Call with Industry Expert on Student Loans and the Regulatory Landscape in Higher Education
  For-Profit EDU: OIG Report on Online Fraud Rings Could Have Serious Implications for the Sector
  INVITE: For-Profit EDU, Wed. 10/5 at 2:30PM, PAA Research Conf. Call with Industry Expert on Student Loans and the Regulatory Landscape in Higher Education
  WPO: Time Is On Our Side – Thoughts from WPO’s 2011 Shareholder Day
  For-Profit EDU: The Simple vs. the Complex, Checks with Private Institutions Indicate Further Deterioration in Fundamentals from 1Q11 to 2Q11
  For-Profit EDU: 12 Reasons Why We Remain Bearish; Observations from Our Proprietary Paid Search Analysis
  For-Profit EDU: Did the Dept. of Education Really Blink?
  For-Profit EDU: Proposed Cuts to IL MAP Funding Could Establish an Alarming (and Increasingly Common) Precedent
  For-Profit EDU: Checks with Private Institutions Indicate Enrollment Slowdown Continues to Gain Steam
  For-Profit EDU: The Cal Grant Precedent
  For-Profit EDU: What’s at Stake in the Pell Grant Debate – The Potential EPS Impact is Bigger than You Might Think
  For-Profit EDU: Why the Amended Complaint Against DV Might Be Worth Reading
  WPO: The Long Retrenchment At Kaplan Begins, Assessing WPO’s Earnings Power Going Forward
  Winners and Losers from the FY08 3-Year CRD Data – The Usual Suspects
  For-Profit Education: 4Q10 FAFSA Data Confirms Enrollment Slowdown Across ALL of Higher Education
  For-Profit Postsecondary Education: Checks with Private Institutions Indicate STRA Was Not an Anomaly, the Slowdown Is Here
  For-Profit Education: What is "It"? The Implications of STRA's Pre-Announcement and APOL's Upcoming Earnings Release
  WPO: FL Judge Rules on Motion to Dismiss in 1 of 3 Qui Tams, Tail Risk Continues to Grow
  WPO - Finally the Story Has Been Written
  Higher Learning Commission (HLC) Adopted and Proposed Policy Changes Could Have Wide Reaching Implications on For-Profit Education Companies, Particularly WPO
  Implications of Explosive Keyword Price Inflation on the For-Profit Education Sector
  WPO: More Than One Qui Tam Will Go Forward, "Tail Risk" Continues to Grow
  WPO: 3Q10 Revenue and EPS Upside Should Be Overshadowed By Rapid Deterioration in Key Operating Metrics
  WPO: See You at the Crossroads, 17 Questions Heading into 3Q10 Earnings
  3Q10 FAFSA Volumes Provide Further Confirmation That Enrollment Trends Are Rolling Over
  The Credit Hour Issue Escalates
  A View from Privately Held For-Profit Postsecondary Education Institutions - Here Comes the Enrollment Slowdown
  The Catalysts in the For-Profit Education Sector Over the Next 6-8 Weeks - It's Not All About Gainful Employment
  WPO: Barron's Strikes Again, A More Realistic SOTP Analysis, Tail Risk Growing Rapidly
  We Thought the Repayment Rate Data Would Be Bad, It Was Worse - After "Black Monday" What Will Be the Lingering Questions in the For-Profit Education Sector
  WPO: 2Q10 Earnings Release Is a "Wake Up Call" to Investors, Yields More Questions than Answers
  WPO: As the Questions Pile Up, Will We Finally Get Some Answers?
  "Repayment Rate" Provision of Gainful Employment Is Not Nearly as "Toothless" as You Might Think
  A View From Privately Held For-Profit Postsecondary Institutions
  Solving the Credit Crisis..... In Higher Education
  WPO: 1Q10 Results Do Little To Change Our Short Thesis, Our Revised Estimates
  A "Must Read" Report for Any Investor in the For-Profit Education Sector Heading Into 1Q10 Earnings Season
  Surprising Observations From the ACICS Key Operating Statistics Report for 2009
  WPO 10-K Highlights – Program Review at Kaplan University, Kaplan Resolves 25% CDR Issue at a Few Schools
  WPO 4Q09: Margin Improvement at Newspaper and Broadcasting Divisions Overshadow Sequential Decline in Margins at Kaplan Higher Education
  PAA Research For-Profit Education Survey Suggests Enrollment Growth for the Winter Term Remained Robust, Some Slowdown Expected in 2010, and Some Schools Have Already Introduced “Self Regulation”
  The Dept. of Education Fires A Shot Across the Bow of the Higher Learning Commission (HLC)
  Unofficial FY07 3-Year Cohort Default Rates Come In-line With Expectations, Now Comes the Hard Part for COCO and WPO
  Preparing for the Release of Unofficial 3-Year Cohort Default Rate Data – Follow the Script, At the Very Least Self-Regulation Is on Its Way
  Details of Department of Education Negotiated Rulemaking Proposals Leak Out – Incentive Comp and Program Affordability Changes Would Have Large Implications
  WPO Alters Revenue Recognition Policy for Kaplan Higher Education, More Enrollment Reconcilliation
  WPO’s 3Q09 Results, What is an Enrollment at Kaplan? COCO’s 10-Q Filing
  Apollo Group’s 4Q09 Results Send Shockwaves: Could the SEC Inquiry Relate to Accounting for Student Withdrawals? APOL Backs Away From Lower Quality Students
  At Least For Now For the Bulls In For-Profit Education “It Just Doesn’t Matter”, Next Up Earnings and “NegReg”
  Dear Mr. Buffet: About the Washington Post Company….
  A Question of Recourse – The GAO Report Might Not Have Been As Bad As Feared, but It Still Confirmed Our Short Thesis
  The Winners and Losers from the FY07 Cohort Default Data
  Preparing for the Release of the Final FY07 Cohort Default Data – Which Stocks Could Be Impacted
   Summer 2011 Career College Survey
   Winter 2011 Private Postsecondary Education Survey
   For-Profit Postsecondary Postsecondary Education Survey - Fall 2010
   For-Profit Postsecondary Education Survey - Summer 2010
   For-Profit Postsecondary Education Survey - Spring 2010
   For-Profit Postsecondary Education Survey - Winter 2010
Conference Calls
   10/5/11 - National Consumer Law Center Conference Call