Facebook does show consistently upward trending earnings projections, although it has faced scrutiny of the quality of those projections with the uncertainty in mobile.

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Due to this persistent uncertainty, each institution must signal quality through expensive proxy signals, such as the quality of their students, research, facilities, or athletic teams.

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Perhaps the most important uncertainty, though, is that caused by a lack of enough good-quality, long-term, internally consistent data.

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The fact that we can deliver these results in a period of significant transition and uncertainty is a testament to our employees, the strength of our brand, the quality of our products and the scope of our customer base.

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