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Joseph Swanlund

Joseph Swanlund
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  • Career Education: Recent Disclosure Does Not Change The Turnaround Story [View article]
    I like your comment. I'm looking forward to the Q4 results and management guidance. I also like the SEC filings I saw on the $CECO investor site at http://www.careered.com. I'm encouraged by the investments of Blackrock and Fidelity, as shown in their amended filings. They've each increased their holdings by more than a million shares. The stock has been very resilient at this level. Obviously, there is good interest in it, despite the state AGs, which I do not believe will profit much or affect the company by their efforts to follow after NY.
    Feb 14 03:37 PM | Likes Like |Link to Comment
  • Career Education - How A 'Small' Sale Changes Everything [View article]
    I liked your article, especially in light of the stock's resilience since your writing. Obviously, there is good interest in it, despite the state AGs, which I do not believe will profit much or affect the company by their efforts to follow after NY.

    I'm looking forward to the Q4 results and management guidance. I also liked the SEC filings I saw on the CECO investor site at http://www.careered.com. I'm encouraged by the investments that Blackrock and Fidelity seem to be making, as shown in their amended filings. They've each increased their holdings by more than a million shares.
    Feb 14 03:37 PM | Likes Like |Link to Comment
  • Career Education Over-Bought On Apollo EPS Report Today [View article]
    Just saw a note that CECO is selling their international business for $300M. Under the circumstances, I did not expect to hear this, but it makes good sense. I like the move... I did not know what the properties were worth, but it beefs up the cash on hand.
    Oct 24 08:49 PM | 1 Like Like |Link to Comment
  • Career Education Over-Bought On Apollo EPS Report Today [View article]
    I wondered if you might chime in on this event. I agree. But I made a few bucks on the bounce! I would add to your comments that Apollo is also overbought. They have cushion in their portfolio and cost structure. I would just ask what is ahead for them from a regulatory perspective. It's harder to keep the book looking clean and new when it has a great volume of pages.

    We'll learn more about CECO when the Q3 report is released. But I reckon the reason they "have struggled" isn't because they aren't doing a good job of managing their business in the face of regulatory and market headwinds. It's because the teachouts require time..Furthermore, I like the lady that's coming in to manage the career schools business. The CEO seems to have picked a known and very capable player to assume responsibility for it.

    Oct 24 11:44 AM | Likes Like |Link to Comment
  • 2 Education Companies With Significant Insider Selling [View article]
    Thanks for this commentary. I'm sympathetic to Blum's losses. They obviously should have been selling when they were buying in 2010. Ironically, it was Feinstein's party that greatly contributed to Blum's unfortunate predicament. But like this article, I'm just looking backward when I say this, which is all too easy.

    Many find themselves underwater with an investment from time to time. It comes with the territory. I'm short and long on for profit education and my long is at a very low cost-basis. I expect some players will be washed out. Some will have to restructure or revise their business model, but most aren't going away. Looking forward, there are players, some terribly beaten down, with viable business models, stable (or stablizing) businesses, and innovative products. Some of these players are a great buy at current levels, even as short term investments.

    I wish Richard Blum all the best. But there are reasons to buy for those of us who have an interest in the sector. Looking backward and mourning the regrettable losses of Mr. Blum is fine as an exercise in sympathy. But there are better things to do than look backward. I will make money in this sector on both short and long term investments. There are opportunities here for those who have an interest and keep up with how the players are digging out of the nasty market downturn (which BTW has nothing to do with MOOCs).

    Best wishes for good investing,
    Joseph Swanlund
    Oct 22 03:28 PM | Likes Like |Link to Comment
  • Inside Career Education Corp: Not All For-Profits Are Alike [View article]
    Thanks a lot for the reply. Colorado Technical has been their best property, and its brand seems to be holding up better during the downturn. I'm also impressed by their international presence. They touted their performance in Europe on the Q2 call, though I don't think it's all that large. Even so, the school in Monaco has a good reputation in Europe and can be a source of growth. Didn't CECO make a small acquisition in Switzerland too? I wonder if they're hoping to expand...

    Regarding the burn rate, didn't they cut some cost last year? I thought they said in the last call that they were finiishing some additional cost-cutting this year. Wouldn't they begin to realize benefit from that later this year?

    I wish you well with your investment. I don't know if I would be short in this stock right now. It's as low as I've seen it. I can't imagine they will be closing their doors. They still don't have debt, and I doubt they will take on anything significant if they even need it. Furthermore, I think the tide can turn quickly if they get any enrollments at all. The pendulum is already beginning to swing in this market. I'm long, and I expect at least a 5-bagger in the next 2 years.

    All the best,
    JS
    Sep 5 04:15 PM | Likes Like |Link to Comment
  • Inside Career Education Corp: Not All For-Profits Are Alike [View article]
    I appreciate the sobering comments you have to offer about CECO. There is no denying the challenges facing my own investment in it. Future enrollments are a concern for me as they must be for anyone who owns it. The intemperate market makes enrollments an uncertainty, and no one has a crystal ball to clearly see future growth (or non-growth). But most of my investment is at the current very low cost. I'm encouraged that the company is removing risk associated with legal issues. And I'm even more encouraged by the company's development of an adaptive learning software. The company's technology is historically superior. From what I understand, this tool seems to give CECO some serious differentiation because it is applicable across their curriculum, not just math. We'll see where things are by this time next year.
    Sep 4 11:26 PM | Likes Like |Link to Comment
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