David Tsao

For-Profit Education Sector: Recession Proof

The issue is now is that many others have caught on to this and have priced many of these assumptions in, and to a large extent pushed them towards rather lofty valuations. I'm about to exit my DeVry position for this very reason.

Regarding the unfreezing of securitization markets, that was something that was pushed in the previous administration. It obviously helped, but it's still hard to see to what degree on companies like APOL and ESI which had a relatively large exposure to private lending compared to STRA and DV.

I'd be a bit cautious about this sector, as everyone has or will continue to pile on to this boat.