Depth Check – Coursera (COUR) – Chegg’s Problems Aren’t an Issue for Coursera

Overview: Last week, Coursera’s (ticker: COUR) stock dropped greater than 15% over a few days due to poor 3Q results and weak guidance from Chegg (ticker: CHGG).  We’ll go over why the Chegg results aren’t relevant for Coursera and provide detail on Coursera’s 3Q results with an emphasis on how closely they match our thesis…...

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The Depth Report – Houghton Mifflin Harcourt (HMHC) – Outstanding 3Q Results

Overview: Last January, we recommended Houghton Mifflin Harcourt (ticker: HMHC) to our subscribers in the high $4/low $5 range.  In February, we published the initiation report which is available here.  Our thesis focused on the fact that sales were weak in 2020 due to school boards not meeting during Covid lockdowns, and that was a…...

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Yet again, universities overcharge students for low-value degrees

Great article in today’s WSJ highlighting USC’s tactic of heavily marketing a $115,000 online degree with low post-graduate salaries. 1) One reason we favor $COUR is they are driving costs down for students including online degree students. 2) Students should start to consider return on investment before entering a program. Cost, degree, school, and salary … Read more

The Depth Report – A Primer on Inflation and How to Hedge

Overview: On November 9th, 2020, we published the original version of this article recommending purchase of Bitcoin.  On September 30th, 2020, we did a webinar with Chris Bell and Peter Doyle of Horizon Kinetics talking about gold, bitcoin, and inflation.  Now, we’re seeing daily articles about inflation, supply chain issues, product shortages, energy price increases,…...

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Depth Check – Enova International (ENVA) – 3Q Earnings Support the Investment Thesis

Overview: Last week, Enova International (ticker: ENVA) announced third quarter earnings.  The headline numbers were strong with revenue of $320MM up 57% from last year and beating analyst estimates of $286MM.  Adjusted Earnings of $1.50 were down from $2.97 last year and beat analyst estimates of $1.11.  We’ll go over the reason for the drop…...

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