Grahamian Value Year in Review ― January 1, 2021
“That day, for no particular reason, I decided to go for a little run. So I ran to the end of the road. And when I got there, I thought maybe I'd run to the end of town. And when I got there, I thought maybe I’d just run across Greenbow County. And I figured, since I run this far, maybe I’d just run across the great state of Alabama. And that’s what I did. I ran clear across Alabama. For no particular reason I just kept on going. I ran clear to the ocean. And when I got there, I figured, since I’d gone this far, I might as well turn around, just keep on going. When I got to another ocean, I figured, since I’d gone this far, I might as well just turn back, keep right on going.”
— Forrest Gump
YEAR IN REVIEW
In the past week —
No new businesses have been added to the list of Grahamian Value companies.
There have been no material developments at Grahamian Value listed companies.
This marks our twelfth consecutive week with no new additions to the Grahamian Value Classic list of companies. Our standard Week in Review format will return next week.
THE YEAR IN REVIEW
2020 was a year of successful foundation building. We went from “zero to one” (or, really two) to nearly one thousand. More critically, we established a consistent cadence with repeatable quality. We launched Grahamian Value on July 13, 2020 with this briefing on Westell Corporation. Subsequently, we’ve explored 17 companies and identified 83 persons of interest (in our count, which is conservatively noted).
Before further delving into details, let’s “start with why” —
Individual Exercise. In launching Grahamian Value, we set out to compound our situational awareness and operating efficiency by a few basis points every 24 hours with deliberate practice, sustained over a (very) prolonged window. Within this framework, this weekly electronic digest and our flagship website are natural by-products of our root objective.
A Shared Vision. Three categories of friendship exist. First, is a “friend for a purpose” — a utilitarian association dependent on reciprocal usefulness; when the usefulness disappears, the bond dissolves. Second, is a “friend for worrying” — a peer with whom to share sorrows, troubles and joys; joys when shared are multiplied while sorrows and troubles when shared are divided. Third, is a “friend for an ideal” — a shared dedication to common goals, with a readiness to sacrifice to attain these shared ideals. Within this prism, Grahamian Value is a collaboration that (deliberately) bonds the co-editors in a friendship of shared ideals for which the journey is the destination.
A Global Think Tank. We embarked on this adventure with a viewpoint that the more we give, the more we’d get. This has proven true, in spades; the inbound (private) feedback we regularly receive is priceless, both literally and figuratively.
To recap the journey in 2020, below is an alphabetical (cumulative) list of Grahamian Value companies —
AMREP Corporation | link
Contango Oil & Gas Company | link
Geospace Technologies Corporation | link
Hudson Global, Inc. | link
Mid-Con Energy Partners | link
Rubicon Technology, Inc. | link, link, link, link, link, link, link, link
Tandy Leather Factory, Inc. | link
Universal Stainless & Alloy Products, Inc. | link, link, link, link, link, link
We are proud to have our own names (and reputations) associated with the above chronicled perspectives. At the same time, we’re even more gratified by the Guest Contributor insights we featured in 2020 —
Alex Bossert (Bossert Capital), re: Solitron Devices, Inc. (October 23, 2020)
Tim Eriksen (Eriksen Capital Management), re: Pendrell Corp. (October 23, 2020)
Warwick B. (Oceania Value), re: Malaysian net-nets (November 6, 2020)
David J. Flood (Elementary Value), re: ECC Capital Corp. (December 25, 2020)
Looking forward, we hope to build a fresh layer upon this foundation, at the right time and in the right way — with a strategic development that creates meaningfully greater value for a more concentrated circle of people. We will be certain to update you as we have appropriate details to share.
Not unlike Forrest Gump, we started this run with a simple desire to put one foot in front of the other. We’re today 172 days into our digital jog and find ourselves in the company of 983 welcomed co-adventurers, in a perpetual trek across the Graham-inspired investing landscape. Our email open rates are more than four-fold greater than average industry rates; we thank you for joining us in these travels and hope that you please stick around.
We wish you and your loved ones a year ahead with health, happiness, and fulfillment.
Harry Sauers and Shai Dardashti, co-editors
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
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. The publishers do not receive compensation from the companies and people covered in Grahamian Value for such coverage. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.