Canadian investment firm Pinetree Capital (OTCPK:PNPFF) has been a destroyer of capital over the last few years. Consider the following chart depicting the company's Net Asset Value (NAV) over the last decade:
(click to enlarge)
As of the latest figure given to the end of June, the company's NAV is just $0.76/share. Meanwhile, the company's equity trades for just over $0.33/share.
But even at a 55% discount to NAV, would I recommend the equity? Not a chance. The company is heavily invested in junior plays in the resource sector, which continues to be plagued by low prices and outflows. As if that weren't enough, management has a history of diluting shareholders, with warrant handouts and share issuances. For...