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Grahamian Value Week in Review ― September 11, 2020

www.grahamianvalue.com

Grahamian Value Week in Review ― September 11, 2020

Sep 11, 2020
Share this post

Grahamian Value Week in Review ― September 11, 2020

www.grahamianvalue.com

Share Grahamian Value Week in Review

“One of the essential traits of the successful ‘vulture’ value investor is instinct. One needs not just to smell the lion’s carcass from afar but to be able to imagine that the bees may have made honey inside it.”

― Christopher Risso-Gill, There's Always Something to Do (pg 129)


PART ONE.

WEEK IN REVIEW

PART TWO.

FURTHER RESOURCES


“Greetings to all new subscribers and a warm welcome back to all returning readers. Your comments and feedback are always welcome at grahamianvalue@gmail.com; we hope you enjoy and sincerely appreciate all deserved recommendations and referrals.” - The Editors


For those just joining us —

  • GV Longform is our long-form missive, with intermittent release. (Issue 1 | Issue 2)

  • GV Week in Review is our short-form update, with weekly release.


I. WEEK IN REVIEW

P&F Industries, Inc.

Twitter avatar for @Lawndale1
Andrew Shapiro @Lawndale1
A nice tailwind for $PFIN aerospace segment -
nytimes.comBoeing Gets Go-Ahead for Test Flights of Its Troubled 737 MaxThe flights, which could begin as soon as Monday, are a major step in getting the plane flying again.
4:10 PM ∙ Jun 29, 2020

Pendrell Corp. and Rubicon Technology, Inc.

Twitter avatar for @eriksen_tim
Tim Eriksen @eriksen_tim
Q2 2020 Letter for Cedar Creek Partners is now available. eriksencapitalmgmt.com/investor-lette… $PCOA $RBCN $BWEL $DBMG $HCHC $SODI $DHIL $PIOE I have also posted letters for 2019 as well.
eriksencapitalmgmt.comGeneral 2 — Eriksen Capital Management567 Wildrose Circle Lynden, WA 98264 | (360) 354-3331 | tim@eriksencapital.com
3:00 AM ∙ Jul 22, 2020

Universal Stainless & Alloy Products, Inc.

Twitter avatar for @nothingbutnnets
Nothing But Net-Nets @nothingbutnnets
Check out our latest post on $USAP, another steel net-net.
nothingbutnetnets.comUSAP: Another Steel Net-NetMark Twain said, “History doesn’t repeat itself, but it often rhymes.” In the case of Universal Stainless, a Pennsylvania-based steel company, history has rhymed four times in the past twenty years. During each of those times, Universal Stainless’s stock, after a stupendous rise, crashed by at leas…
3:37 PM ∙ Sep 2, 2020

II. FURTHER RESOURCES

Grahamian Value Longform, August 17, 2020: “Headquartered in Longview, Texas, Friedman Industries, Inc., is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama and Lone Star, Texas. The Company has two reportable segments: coil products and tubular products. The coil product segment consists of the operations in Hickman and Decatur where the Company processes hot-rolled steel coils using temper mills and cut-to-length lines. The Company is in the process of replacing its temper mill and cut-to-length line at the Decatur plant with a stretcher leveler line. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe, provides pipe finishing services and distributes pipe.”

Twitter avatar for @ShaiDardashti
Shai Dardashti @ShaiDardashti
Summary of recent $FRD insider buying by Mike J. Taylor (President / CEO / Director)
Image
9:01 PM ∙ Aug 27, 2020
14Likes1Retweet

Grahamian Value Longform, September 2, 2020: “From the other side of the world, we look towards the work of David Webb for (much needed!) local guidance within the Hong Kong stock market. Mr. Webb’s contributions to the state of local intelligent investing in Hong Kong provide us with inspiration in our ongoing journey as we endeavor to navigate through the depths of Graham-inspired value around the world.”

Twitter avatar for @thewritser
Writser @thewritser
Impressive H1 report from Ming Fai, $3828.hk. Company transformed from a hospitality business into a Covid play in 6 months. Trading at ~4.5x TTM net earnings. Conservative balance sheet, David Webb involved, history of returning capital.
7:34 AM ∙ Aug 27, 2020
12Likes1Retweet
Twitter avatar for @janeo1934
janeo @janeo1934
Allan International (HK:0684) manufactures household electrical appliances in China and sells to Euro/US Largest 5 customers make up 90% rev Facing rising costs that cannot be pass onto cust Slight losses, strong BS, NCAV 71%, PB 37%, pays div Family ctrl. David Webb owns 11%
2:33 PM ∙ Aug 17, 2020
Twitter avatar for @janeo1934
janeo @janeo1934
Lion Rock Group (HK:1127) prov printing services for book publishers. At 72c HKD it trades at low single digit PE, slight prem to NCAV and has a 10% div yield. Net cash backs up decent portion of mcap. Insiders own >40% s/o and David Webb owns 8% s/o.
2:20 PM ∙ Jul 2, 2020
Twitter avatar for @janeo1934
janeo @janeo1934
Alco Holdings (328:HK). Big victim of trade war. Did some rights issue this yr to grow a lesser affected division. Now trading at a big discount to its tangible book and rights issue price. Insiders own 60% and David Webb owns 10%. Too tough to handicap? Any opinions?
11:16 AM ∙ Dec 3, 2019

ABOUT GRAHAMIAN VALUE

Grahamian Value is a labor of love, centered around our desire to openly share data and perspectives that we find helpful in our pursuit of Benjamin Graham-inspired investment ideas. We appreciate your time, your trust and your readership. Learn more at GrahamianValue.com

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Harry Sauers and Shai Dardashti are co-editors of Grahamian Value and, as of the date of this communication, may individually own shares of companies mentioned herein. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.

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Grahamian Value Week in Review ― September 11, 2020

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