I agree that LINC, CECO, COCO, EDMC, and ESI have been beat up pretty badly, but they do still pose a higher risk than LOPE, BPI, and APEI. THe former group scored much lower on the gainful employment figures. The regulations are not fair or rational: if enacted, they will basically punish schools for daring to educate poor people. And unfortunately, LINC, CECO, EDMC, and ESI do educate poorer students. I think that, despite the regulatory threat, the whole sector is way too cheap. I recommend listening to the presentations from the BMO education conference yesterday. The keynote speech, which is unfortunately not available online, was by a lawyer and lobbyist who said that she thought there was now a small but meaningful chance that the Department of Education would drop its gainful employment regulation to avoid a legal challenge. The comments by some of the weaker for-profits do make a strong legal case that the Department of Ed is overstepping its authority and modifying the HEA statutes. If the department did by chance drop the gainful employment regulation or even defer its decision to next year, we would see the short squeeze of the century in these stocks.