Walter Schloss at Richard Ivey School of Business

[Parsad]

Nope, but Glacier is an interesting case.  I'm going to stop responding to guesses now.  Cheers!

[Ballinvarosig Investors]

In fact, our largest holding is a small-cap company that is relatively well-known, yet not a single person on this board, or its predecessor, has ever talked about it from my recollection.  It trades at about 8.5 times earnings and less than 0.85 of book...and book is undervalued!  Cash flows are consistent, little debt and it's been around a long time.  Yet not a single person has ever talked about this company.  Schloss would be buying stocks today...but that's because he would be doing more legwork and research than everyone on here.  Cheers!

You've done it now.

 

My first guess was Core-Mark, I think it fills your criteria. It's small cap, been around since for ever, is steadily growing sales and cash flows, has no debt, is below book, cheap relative to earnings and has been around since 1888. It's got nice, long-term growth as well.

[JEast]

Graham was not strictly a cigar-butt or a net-net investor only.  He was more nuanced than simply a statistically cheap asset guy, as he was not shy about arbitrage or good quality growth stocks.  From Toward a Science of Security Analysis, -  "A case can be made for putting all your growth eggs in the one best or a relatively few best baskets.”

 

As for investing now, it would seem that large cap quality and small cap below book is the ticket in general. Of course, subject to change tomorrow.

 

 

Cheers

JEast

[twacowfca]

Any study of Graham would conclude that he would not be buying a stocks at the moment -- the margin of safety is just not big enough.  Schloss "liked to buy stocks below book value" -- do you know how low the market would have to go in order for quality companies to be trading below book value.  The margin of safety currently offered by Mr. Maket is not near enough for Schloss either.

 

We own three stocks under book.  In fact, our largest holding is a small-cap company that is relatively well-known, yet not a single person on this board, or its predecessor, has ever talked about it from my recollection.  It trades at about 8.5 times earnings and less than 0.85 of book...and book is undervalued!  Cash flows are consistent, little debt and it's been around a long time.  Yet not a single person has ever talked about this company.  Schloss would be buying stocks today...but that's because he would be doing more legwork and research than everyone on here.  Cheers!

 

 

Has the CEO come around to the idea of not wasting resources on non core business and mending fences with the franchisees?