Aspen Group (ASPU) is the kind of company you could only discover by doing bottom-up due diligence. It operates in an industry that has been very challenging for participants to offer any significant value to their customers. And, it screens quite poorly given some of its segments are early-stage and cash-flow negative, dragging down overall performance. However, Aspen has many of the characteristics of a wonderful business.
Hidden in an Awful Industry…
The for-profit university business has not been a great one. For-profits aggressively competed for students with non-profit universities, and, due to