Zeev - COCO blemished?
Nice trade entry, BTW. But the way you used "blemished" made it seem like it was unjustified or irrational.
CECO has taken a 40% hit in the last 36 hours. COCO has taken a 15% hit. Is that irrational, or is it just the market telling us it believes the odds of a similar "revelation" hitting COCO is about 1 in 3? If those were the odds, then the decline is proportionally rational.
Given that (1) more often than not, these sorts of "practices" tend to run across most participants in an industry (it's rare that it goes on in any significant way at only one company), and (2) most people familiar with education know this stuff goes on most everywhere, it's hardly surprising or irrational.
It doesn't help that COCO is priced so close to perfection.
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