More CIRR H2 2021 results out! Codesmith included - with a lot to unpack! Overall lower placement rates and much higher salaries of those placed, and a few more fun things!

I think it's very unlikely they will sell. They have a good thing going and are printing money right now because it's 100% upfront. They have about 80 former students on staff who are paid like 50K a year or with gift cards and have scaled that very well. I think the only risk is if they scale too large or too broad. They benefit from being very selective and their weaker students don't have as much success. So they will either have a cap on how many people meet their bar, or they will have to invest in training people beforehand to get them to the bar. I also think it's a risk that someone catches on to the exaggerated work experience issue. I haven't talked to one non Codesmith industry person who thinks that's ok and if they get large enough and people catch on it may not work anymore. I know this is controversial. They are experimenting with a machine learning cohort and we'll see how that does!