Wednesday, January 25, 2017

IWG Technologies Goes Private

Two years ago I wrote about a tiny company called IWG Technologies (IWG) that makes water systems for aircraft. It had a net cash position, traded at a single-digit P/E for much of that year, and had decent growth prospects. The company was just taken private at a 75% premium to its price two years ago.

Thursday, January 19, 2017

Algorithms to Live By

You peer through the windshield as you approach your destination. It's not far now, maybe 1 more block? Now that you're so close, do you take the first parking spot you see, or do you take the chance that maybe there'll be an open one right in front of your favourite restaurant?

Tuesday, January 10, 2017

The House of Morgan

Picture yourself as the owner of a promising business in early 20th century America. How do you finance your expansion? There are no capital markets you can tap. Your business, like pretty much every business, is too small to develop its own financing capabilities. (The transportation and communication networks we take for granted today didn't exist, making businesses much more local in nature than they are today.) Most of the money available for this sort of thing comes from Europe anyway. Who is your master in such an environment? Your banker!

Monday, January 9, 2017

Glacier's Stock Price is Ice Cold

Glacier Media (GVC) is a Canadian company that appears to be very cheap. Historically, the company delivers free newspapers with ultra local content, relying on local advertisers to generate revenue. As you can imagine, this is a business in serious decline, and so the company has been left for dead by investors.

Friday, January 6, 2017

Karsan Value Funds: 2016 Q4 Results

Karsan Value Funds (KVF) is a value-oriented fund, as described here. Due to securities regulations, the fund is not open to the public at this time. Should that change in the future, there will be an announcement on this site.

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