jouni1 Posted August 5, 2014 Share Posted August 5, 2014 Mid-Cap Fund Shines With Dedication to Patience Murray Stahl's low turnover Kinetics Paradigm Fund buys ugly ducklings and waits until they turn into swans. http://online.barrons.com/news/articles/SB50001424053111903849404580065802822593866?mod=BOL_hp_popview Link to comment Share on other sites More sharing options...
no_thanks Posted August 12, 2014 Share Posted August 12, 2014 Annual Report is out. http://www.frmocorp.com/10ks.html Link to comment Share on other sites More sharing options...
peter1234 Posted August 13, 2014 Share Posted August 13, 2014 Annual Report is out. http://www.frmocorp.com/10ks.html Did they forget to include the Auditors sign off (page 1 looks rather generic)? ??? Link to comment Share on other sites More sharing options...
Liberty Posted August 22, 2014 Share Posted August 22, 2014 2014 letter is out: http://www.frmocorp.com/_content/letters/2014.pdf Link to comment Share on other sites More sharing options...
Gopinath Posted August 23, 2014 Share Posted August 23, 2014 Wow, they went on lengths to explain their assets and strategies! Link to comment Share on other sites More sharing options...
merkhet Posted August 23, 2014 Share Posted August 23, 2014 My man crush on Murray Stahl continues... too bad I continually cannot get comfortable with the valuation. Link to comment Share on other sites More sharing options...
dwy000 Posted August 23, 2014 Share Posted August 23, 2014 With you completely Merkhet! I wish Murray would explain why he feels the stock is so undervalued that he doesn't want to dilute himself with acquisitions using stock. Love the company and the management but boy is it richly valued by any metric right now. Link to comment Share on other sites More sharing options...
merkhet Posted August 23, 2014 Share Posted August 23, 2014 Well, the biggest difference between us and Murray Stahl is that he has a much better sense of how quickly his assets will scale and how quickly that revenue stream will grow. Link to comment Share on other sites More sharing options...
no_thanks Posted August 26, 2014 Share Posted August 26, 2014 Yea, the only way you could still hold it here in my opinion is if you believe that you will hold it for over 10 years and just end up getting the returns that the company makes over that time. I am holding some, but it is no fun as I also think it is pretty expensive. I am really curious why they did a 5 million private placement at like 2.50 or something and now are saying that they don't want to dilute themselves. Seems like there has to be something out there they could find with a low multiple that they could be with their expensive stock. Link to comment Share on other sites More sharing options...
Wilson-TPC Posted September 6, 2014 Share Posted September 6, 2014 WOW. I've been missing out on FRMO! I can understand where Murray stands from. RIA businesses (separately managed accounts) are extremely profitable businesses. The moment you scale your business up, your fees increase along with it. Not to mention, if you earn an adequate return on those assets, your fees increase proportionally to the growth. 10% asset growth + 10% asset return = roughly 20% return, and obviously, the numbers could scale even faster. I'm still researching more, but these are probably obvious numbers to readers of this thread. Just giving a little more insight as I manage my own RIA. Link to comment Share on other sites More sharing options...
giofranchi Posted September 12, 2014 Share Posted September 12, 2014 September 2014 Commentary GioSep2014Commentary_FINAL.pdf Link to comment Share on other sites More sharing options...
jouni1 Posted September 12, 2014 Share Posted September 12, 2014 thanks gio! one of my favorite monthly reads! he makes a valid point again about index investors inflating asset valuations(again). glad that i'm still able to find individual undervalued companies both small and large! Link to comment Share on other sites More sharing options...
Liberty Posted October 2, 2014 Share Posted October 2, 2014 http://www.frmocorp.com/_content/letters/2014_FRMO_Transcript.pdf AGM transcript. Link to comment Share on other sites More sharing options...
dwy000 Posted October 2, 2014 Share Posted October 2, 2014 http://www.frmocorp.com/_content/letters/2014_FRMO_Transcript.pdf AGM transcript. Boy I wish this would come down to a reasonable level. Every time I read something from Murray Stahl it reminds me why I enjoy investing. Such a breath of fresh air in a business so often tarnished by sleaze. Link to comment Share on other sites More sharing options...
merkhet Posted October 2, 2014 Share Posted October 2, 2014 My unabashed man crush on him continues. Link to comment Share on other sites More sharing options...
giofranchi Posted October 17, 2014 Share Posted October 17, 2014 Q3 2014 Commentary GioQ3_2014_Commentary_FINAL.pdf Link to comment Share on other sites More sharing options...
giofranchi Posted October 22, 2014 Share Posted October 22, 2014 Q1 2015 Conference Call Transcript Giofrmo-Q12015-conference-call-transcript.pdf Link to comment Share on other sites More sharing options...
Sportgamma Posted December 16, 2014 Share Posted December 16, 2014 Check out [iurl=https://fundamentalfinanceplaybook.com/2018/08/10/winland-holdings-corporation-welx/]Winland Electronics[/iurl], guys... Link to comment Share on other sites More sharing options...
giofranchi Posted December 16, 2014 Share Posted December 16, 2014 Check out Winland Electronics, guys... Wow! Is it another home run by Murray Stahl & Co.? :) Gio Link to comment Share on other sites More sharing options...
Sportgamma Posted December 16, 2014 Share Posted December 16, 2014 A young portfolio manager of Horizon Kinetics was elected on the board of Winland in 2013 along with another young fund manager: Thomas R. Braziel serves as a Director and Co-Chairman of the Board of Directors. He is the Founder and a Managing Partner in B.E. Capital Management, an investment partnership which invests in small and micro-cap companies and securities. Mr. Braziel is also the Founder and Managing Partner of Campden Grove Capital, a family investment partnership which was created to leverage opportunities from small company bankruptcies. Prior to his current positions with B.E. Capital Management and Campden Grove Capital, Mr. Braziel was a Quantitative Financial Analyst in 2011 with Hellespont Ship Management. Prior to that, Mr. Braziel was an Economist in the Transfer Pricing and Economic Consulting Group of Thomson Reuters from 2007 to 2009. Mr. Braziel holds a Masters in Mathematics of Finance from Columbia University and a B.A. from New York University. Mr. Braziel is one of the Company’s largest shareholders and his experience with analyzing and investing in small and micro-cap companies make him qualified to serve on the Company’s Board of Directors. Matthew D. Houk serves as a Director and Co-Chairman of the Board of Directors. He is a Portfolio Manager at Horizon Kinetics LLC, an investment management services firm. Mr. Houk has been with Horizon Kinetics since August 2008. Mr. Houk is responsible for identifying, analyzing and monitoring investment opportunities and portfolio companies for Horizon Kinetics. Previously, Mr. Houk was with Goldman, Sachs & Co., an investment bank, which he joined in August 2005. Mr. Houk holds a B.A. from Yale University. Through his work in investment management, Mr. Houk brings to the Board of Directors an ability to assess and oversee corporate and financial performance. Mr. Houk is one of the Company’s largest outside shareholders and has experience as an investor and an understanding of the methods by which companies may unlock value for their shareholders. http://www.winland.com/documents/2014ProxyStatement.pdf Since then the company went dark so its basically anyones guess what´s going on there as there isn´t much reporting anymore: http://www.startribune.com/business/260458331.html http://ragnarisapirate.blogspot.com/2014/03/differences-in-types-of-bad-governance.html Recently, two big shareholders, Karen and Brian Hirschman sold their shares. It turns out the majority of those shares where bought by FRMO. http://www.winland.com/sec_filings.html That Braziel fellow is definitely very interesting... http://ragnarisapirate.blogspot.com/2013/02/fraud-bankruptcy-and-ethanex.html http://www.becapitalmanagement.com/uploads/2/6/7/4/26748813/interview_with_chris_demuth_jr..pdf (BTW, thanks for the resources Jeff and Chris) Edit: A question for the board: Would FRMO working in a consortium with Houk allow Winland to keep the NOL´s despite FRMO being a new +5% owner? Link to comment Share on other sites More sharing options...
Sportgamma Posted December 16, 2014 Share Posted December 16, 2014 More on Winland: http://yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=9064050&SessionID=jQQeFCJwqZw1gD7 Link to comment Share on other sites More sharing options...
giofranchi Posted December 16, 2014 Share Posted December 16, 2014 Thank you, Sportgamma! Very interesting! :) Cheers, Gio Link to comment Share on other sites More sharing options...
Liberty Posted December 16, 2014 Share Posted December 16, 2014 Thank you, Sportgamma! Very interesting! :) Cheers, Gio +1 :) Link to comment Share on other sites More sharing options...
redhots Posted December 16, 2014 Share Posted December 16, 2014 Why do you like Winland? Is it the NOLs? The potential? What have they done in the last 2 years? Link to comment Share on other sites More sharing options...
Sportgamma Posted December 16, 2014 Share Posted December 16, 2014 A much better question would be; why do Stahl and Bregman like it? Link to comment Share on other sites More sharing options...
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