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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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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The Depth Report – Online Education – Coursera (COUR) and 2U (TWOU)

In this report, we explore the ways that online education is remaking the location-based education industry that has existed in its current form for thousands of years. We believe the trend towards less-expensive online learning will continue for many years. We discuss public companies Coursera (ticker: COUR) and 2U (ticker: TWOU), and recommend how to…...

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The Depth Report – Enova International (ENVA) – Tested in Bad Times with Great Risk/Reward

Overview: Enova International (Ticker: ENVA) is a specialty finance/fintech company that provides short-term loans in the non-prime space; typically, sub-prime and near-prime. Customers include the large and growing number of consumers and small businesses who have bank accounts, but use alternative financial services because of their limited access to more traditional credit from banks, credit…...

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The Depth Report – Houghton Mifflin Harcourt (HMHC) – Improving Business Model

Overview: We expect that somewhere around 100% of the people reading this are familiar with Houghton Mifflin Harcourt (ticker: HMHC). The company began publishing educational materials in the 1800’s. Almost everyone who has gone to school in the United States has had a Houghton Mifflin textbook in their hands. The business is simple to understand…....

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