negativity is so pervasive it makes me even more bullish, especially on this company.
did you guys listen to the last couple of calls and read commentary from Moody's SLM etc? the private student loan market is the best it has been in years. it's not about absolute values but rather what is the rate of change. Things are clearly pointing up. And as far as not getting into securitization goes, Dan said it pretty clearly: "we believe the markets have been actionable but we think that spreads continue to tighten". He's been right on this for the past year. he's smart in being patient because when they do come to market with securitizations the stock should do very well.
just because the stock has been doing much for the past 6 quarters doesn't mean that things haven't improved internally. look at the improvements in revenues and operating income over these 6 quarters. the trends are pretty clear in my opinion. couple that with obvious signs of improvement in the student loan credit market and it's setting the stage for a massive move, probably right after people throw in the towel.