January 20, 2017

Taylor Mann , Pine Capital

Founder of Pine Capital

2017 Outlook

Howdy Harvesters,

Some thoughts and metrics for the year. Please feel free to contact me (taylor@pinecapitalpartners.com) for any questions or concerns.

Cheers,

Taylor

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More from Taylor Mann

Taylor Mann, Pine Capital

Drilling Deeper: An Underground Look At The Energy Revolution

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Brazil: Pensions, Profiteering, and Profligacy (Short Thesis)

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Short: Student Loan Service Firm - Nelnet (Ticker: NNI)

Harvesters, Over the last several months we have received a number of e-mails regarding our views on the fragility of the student loan market. Given this, we wanted to put forth some additional research; namely, as it pertains to NNI. The student ...

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Oct 20, 2015

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So, how bad is the student debt market? Pretty bad.

Harvesters, Over the past several weeks approximately $40B of federally-backed Student Loan Asset-Backed Securities ("SLABS") have been placed under review via the credit graders. Although an immaterial amount when compared to the massive $1.3T of ...

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Short Thesis: World Acceptance (WRLD)

Harvesters, Several days ago my interest in consumer finance led me to one of the largest battleground stocks in the industry - World Acceptance Corp ("WRLD"). Fittingly, the only thing worse than the name of this company is the morally deplorable ...

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Apollo Education Group: Short Position Update

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Alphabet Soup: A Look Into The Abbreviated World of Student Loans

Harvesters, Over the past several months, I have researched the post-secondary education industry extensively. During this time, I acquired a voracious appetite for the truth - the answer that could explain the overflowing moral hazard that had ...

Jun 02, 2015

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Capella's Cobweb: An Andragogical Analysis of The Digital Diploma Mill Market

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2U (TWOU): Elite Cloud-Based Education Provider Shows Promise

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Harvesters, Here is an excerpt from our recent analysis of CarMax Inc.: "CarMax is nothing more than a quixotic hallucination from Fed Kool-Aid and is destined to join its predecessor - Circuit City - in the Darwinian Graveyard for the same virus: ...

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Lending Club: Peer-To-Peer Marketplace Aims To Lend Invisible Hand To Middle-Class

Harvesters, Last year a Harvard Business School professor by the name of Karen Mills asked a simple question that would eventually change my fundamental perception of the consumer finance sector: "Is there a a credit gap in small business lending?" ...

Mar 16, 2015

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Educated Risk: A Thematic Analysis of The Apollo Education Group

Harvesters, Here is a updated version of my thesis on the Apollo Education Group, and the higher-education market in general. My Original Thesis

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Crusin' On Credit: A Delineation of Santander Consumer USA and The Subprime Auto Lending Market

Harvesters, In light of the recent popularity in sub-prime auto debt, now more than ever, would be an appropriate time to take a closer look at the lending practices employed by sub-prime lenders; and more importantly, the asset-backed securities ...

Mar 02, 2015

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Harvesters, During a time of driverless cars and trendy eateries, it is all too easy for us to forget about the basic fundamentals of investing: security valuation. Although unarguably the most boring and unpopular stock in the sector, Luby's ...

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Harvesters, This is an excerpt from my research on 2U, a company that provides cloud-based SaaS solutions that enable nonprofit colleges and universities to deliver quality education to qualified students across the globe. " Paradoxically, the ...

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Earnings Recap: The Diploma Mills

Harvesters, In light of the recent earnings miss across the proprietary education sector, I have summarized the logic behind their recent decline as well as provided guidance to their abysmal future.

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A Look Into The Most Toxic Student Loan Asset Backed Security (SLABS) In The Market

Harvesters, Per the increasing media coverage on the now cliched Student Debt Bubble , I thought it would be both relevant and interesting to highlight the type of toxicity that exist with Student Loan Asset Backed Securities (SLABS). After skimming ...

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University of Phoenix Loses Super Bowl XLIX

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Screw U: A Random Walk Through The Diploma Mill

Despite only accounting for 13 percent of post-secondary students, for-profit colleges account for 50 percent of defaulted student loan debt. In 2012, Senator Tom Harkin called the for-profit education an industry "…ripe for, begging for, regulation" ...

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Global Climate Investing Survey 2025

Sponsored by Robeco

Our fifth annual survey shows that enthusiasm for climate investment continues to vary by region. Europe has reclaimed its leadership from Asia-Pacific, which topped last year’s survey, while interest in the US has dropped to new lows.

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