Great article! Funny enough Iām spending my Christmas holiday in Grindelwald with the yellow WAB trains (part of the Jungfraubahnen rail network) passing my by window on time every 15 minutes šš¼. So that put a smile on my face reading about it in your post.
This was a great read on companies that I'd never hear of if it weren't for all your scavenging efforts, thank you for all the writings and sharing your wisdom, Dave. If you're interested in hearing about Turkish companies with high insider ownership and/or assets with sustainable moats, i can also send you an email about them. Greetings from Istanbul, all the best
Thanks for your interesting article, as usual! On $OTCM, while I share your concern about the number of US OTC stocks declining, there are a lot of foreign companies whose only US ticker, such as ADRs, only trades OTC. While the US market has been hot for years, that may change some day, and US investors may look longingly to foreign companies. Also, OTCM derives a fair bit of revenue from selling data and has expanded that a bit to non-OTC stocks, such as with the EDGAR acquisition. Thereās clearly some uncertainty, and OTCM is not cheap, but I think that the outlook is better than a declining number of OTC companies might make it appear. My 2c. Thanks again for your terrific, interesting article!
To seed, build, and nurture timeless, intangible human capitals ā such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction ā in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why todayās capital architecturesāPE, VC, Hedge funds, SPAC, Alt funds, Rollupsāmostly fail to build and nuture what time can trust.
āBuilt to Be Left.ā
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Excellent read Dave, lots of choices in the world of quality! What's nice is if you choose the right ones, the price you pay matters less. Happy holidays! Trung
Yes and no, I think. The truly great pipelines are amazing assets. Critical, unbeatable on cost, difficult to compete with. But there are a lot of more marginal pipelines out there that must compete with other pipelines and alternatives like rail.
That and the fact that many pipelines are held within MLPs with awful incentive structures and I don't think they are foolproof holdings.
Great article! Funny enough Iām spending my Christmas holiday in Grindelwald with the yellow WAB trains (part of the Jungfraubahnen rail network) passing my by window on time every 15 minutes šš¼. So that put a smile on my face reading about it in your post.
I hope you enjoy the holiday!
This was a great read on companies that I'd never hear of if it weren't for all your scavenging efforts, thank you for all the writings and sharing your wisdom, Dave. If you're interested in hearing about Turkish companies with high insider ownership and/or assets with sustainable moats, i can also send you an email about them. Greetings from Istanbul, all the best
I would love to hear about some good quality Turkish companies! That is not a market that I have spent much time investigating.
big fan of $otcm and have been considering buying more. rand looks like my kind of business too! thanks for sharing your thoughts, Dave!
Thanks for the ideas and merry Christmas with lots of quality cookies! :-)
I was just there! Great spot.
Strong quarter from Rand Worldwide. https://www.otcmarkets.com/otcapi/company/financial-report/390969/content. Revenue up 18% from last quarter and modestly year-over-year after adjusting for the one-off promotion. We should expect another special dividend announced any day.
Yet the pop following this article has come right back down. Slightly confusing. (Possibly someone trying to offload a block at the moment?).
Separately it feels like everyone read you and Smoak today & went for HMMA!
But also thanks for this - a quality read as always.
Thanks for your interesting article, as usual! On $OTCM, while I share your concern about the number of US OTC stocks declining, there are a lot of foreign companies whose only US ticker, such as ADRs, only trades OTC. While the US market has been hot for years, that may change some day, and US investors may look longingly to foreign companies. Also, OTCM derives a fair bit of revenue from selling data and has expanded that a bit to non-OTC stocks, such as with the EDGAR acquisition. Thereās clearly some uncertainty, and OTCM is not cheap, but I think that the outlook is better than a declining number of OTC companies might make it appear. My 2c. Thanks again for your terrific, interesting article!
Great - who are your favourite event-driven investors on substack?
Great article and thank you for sharing!
I concur that it feels like the general market has myopically focused on Quality and consistently been rewarded for ignoring Price.
I hope (and suspect) that you will be rewarded for focusing on the more difficult AND and not the Pavlovian OR.
Best!
Hi Dave, Happy Holidays - thanks for the great read.
Do you have any insights on how large the market is for RWWI to capture or how their competitors fair?
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals ā such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction ā in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why todayās capital architecturesāPE, VC, Hedge funds, SPAC, Alt funds, Rollupsāmostly fail to build and nuture what time can trust.
āBuilt to Be Left.ā
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the systemās operating principleā
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
Excellent read Dave, lots of choices in the world of quality! What's nice is if you choose the right ones, the price you pay matters less. Happy holidays! Trung
Yes and no, I think. The truly great pipelines are amazing assets. Critical, unbeatable on cost, difficult to compete with. But there are a lot of more marginal pipelines out there that must compete with other pipelines and alternatives like rail.
That and the fact that many pipelines are held within MLPs with awful incentive structures and I don't think they are foolproof holdings.
It was a stylistic choice, hence the italics, but you are correct!
I thought your version was stylisticer :-)