A vast wave of kids are headed for college right about now -- and a vast backwash of parents are trying to figure out how to pay for it. Is it worth it?

My instinct: no. I think college is the latest of the great bubbles. (Full disclosure: I've been saying the same about China for years. See Sept. 1, 2005, column.)

I just think people are going to get sick of the appalling cost, the questionable returns (how many Class of 2010 graduates have jobs?) and the increasingly bizarre admissions decisions. (Princeton economists Thomas Espenshade and Alexandria Radford recently showed that elite schools actually discriminate against ROTC and 4-H club members.)

So naturally, on the general theory that capitalism is more efficient that socialism, I've always been interested in Apollo Group Inc. /quotes/comstock/15*!apol/quotes/nls/apol (APOL 45.06, -0.32, -0.71%) , owner of the for-profit University of Phoenix.

Maybe that's also why Apollo has been under such fierce attack during the Obama administration. But, according to the Hulbert Financial Digest, the stock has two advisory supporters, both of which have respectable records.

http://www.marketwatch.com/story/will-phoenix-rise-from-college-bubble-2010-09-06?reflink=MW_news_stmp