Nice story. Reminds me of Hunter Douglas a couple years back. Try to buyout minorities on the cheap. Minorities say no. Company then turns around and sells for multiples of what they were willing to pay a year or two later.

Case Study: Warwick Valley Telephone Company. This is more @joekraymond's lane but I came across an old article about Santa Monica's investment in Warwick and thought I'd put some of my notes to a post.

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Does anyone know why $ZOMD.V pays small amounts of taxes? I get they have been unprofitable and it could be using up losses. But they say they have barely any tax losses carried forward. Usually you disclose total losses even if there's a valuation allowance against the DTA.

$PFHO.

New Post: A Left For Dead OTC Stock at Less Than 1x EV/FCF.

Appreciate the kind words @ClarkSquareCap. Everyone in this list including you are automatic follows.

Stumbled upon a value investing blog from over a decade ago. I'm a sucker for these. You can learn a lot from reading old write ups and seeing what happened after the fact.

It does $170K in NOI and would be more profitable private. No position, just highlighting the potential value.

Still amazed at some stuff you can buy in the small cap space. Pine Trail REIT $PINE.UN has a mkt cap of 1.24m and owns 1 (one!) medical building in Picton, ON. I’ve been there before, it’s a beautiful small town. The FMV of the building is $3.4m and BV is $3.27m so 38% of BV.

RT @rubicon59: Senior administration officials have in recent days confirmed the plans are far along. $FNMA

RT @Wexboy_Value: $TFG.AS $TFG.L. First $18+ close for #TFG…roll on, $19/$20!.

Posted some thoughts on Buffett's Early Investments book; Looking through the Italian stock market.

Is Godot finally going to arrive? $FNMA.

Stock responded pretty nicely today up 14%. One thing I've learned is that excellent management teams continuously surprise to the upside and I believe that will happen here.

Paying down debt allows them lever back up if they find something worth buying but also with the increase in the stock price, they can use their stock as currency if it reflects more of a fair value as well. And they bought back $2m stock with more occurring after the quarter.

Continued pay down of debt from ParaPRO acquisition of $15m and $7m after the Q which puts debt at $18m so $22m in debt paydown in a couple months with access to a $72m line should they need it.

$CPH.TO Just had an incredible quarter. Highest quarter sales in company history at USD$13.4m. It’s currently run rating at USD$25m EBITDA and Q3 coming up for Natroba is usually a stronger quarter. Also alluded to on the CC of potential price increases for Natroba.

Still waiting for them to complete their secondary plan with the City of Toronto for redeveloping their land, which should be any day now and IPO of the underlying real estate in the hopefully near future.

$LNF.TO Keeps chugging along. Increased Q2 sales 4% YoY, slight gross margin improvement in a tough environment, increased dividend by 20% and Adj. diluted EPS for the quarter was $0.57. .

Been away a few days and some Canadian holdings reported earnings. .