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Very insightful breakdown, thanks.

I do wonder if recent (Covid onwards) trends toward increased home schooling blurs the line between 1 and 3, or perhaps manifests a new segment that could be meaningful; homeschool pods seem to be quite outcome oriented and don’t have any of the bureaucracy of schools. Also I assume for now they are non-material from a TAM perspective, but interested if you have any thoughts on that trend.



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