“It’s absolutely ridiculous that anyone would buy shares in a company after reading an earnings release instead of the annual report” Charlie Munger (Probably) “As...
READ MORE >Over the past 20 years, we have become particularly adept at identifying the early stages of a potential “death spiral” for a for-profit education company. From a notional perspective, for-profit education...
READ MORE >Yesterday after the close, PRDO announced that Todd Nelson stepped down as President and CEO of PRDO effective 1/20/22. That’s right, no transition period. This is a meaningful development for PRDO, the higher education industry, and our...
READ MORE >Heading into PRDO’s earnings release, we never know what to expect. It is the hallmark of the company to do everything in its power to sustain a mirage of growth, stable enrollment, and...
READ MORE >“The most common types of conduct that might make a borrower eligible for loan relief through borrower defense to repayment discharge are misrepresentations of the truth made by the school or its representatives...
READ MORE >“We have implemented various measures intended to reduce the percentage of our institution's cash basis revenue attributable to Title IV Program funds, including AIU’s deferred...
READ MORE >“I did read the article. I thought -- again, it was -- some of the arguments, again, I felt were very outdated, and frankly, some of them are just not -- again, I don't think really applied, but that's my opinion. But regarding the...
READ MORE >We wanted to quickly go through some key questions that PRDO faces as we approach the company’s 1Q20 earnings release and conference call. Sadly, we doubt that the company will address...
READ MORE >In a press release today, the U.S. Department of Veteran Affairs announced that it would disapprove the enrollment of new GI Bill students at the following five institutions: University of...
READ MORE >If you’ve followed Todd Nelson’s career in the for-profit education space over the years, a few core competencies become evident: Running “fast and loose” with regulatory compliance Achieving enrollment growth at any cost for...
READ MORE >It’s been an interesting six weeks for Career Education Corporation. In the time since we introduced CECO as a short idea, the stock has witnessed a 20%+ rally following the company’s 2Q19 earnings results, only to give up almost all...
READ MORE >“The proliferation of outsourced online degree programs offered by traditional academic institutions has changed the competitive landscape in higher education. The programs require almost no capital investment...
READ MORE >SELL/SHORT
$4
SELL
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SELL/SHORT
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SHORT
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SELL/SHORT
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SELL/SHORT
$42
LONG
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LONG
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SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
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PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
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SHORT
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SHORT
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SHORT
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SHORT
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PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
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SHORT
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SHORT
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SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
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LONG
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SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
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