Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Black Earth Farming: Own The Fields Of Production

Black Earth Farming (OTC:BLERF) ("BEF" or "the company") is an undervalued land owner and agricultural producer controlling 308,000 hectares of land (250,000 outright, the remainder through exclusive lease) in the fertile Black Earth region in Russia.

Like many other value investors, I am growing increasingly wary of the significant price appreciation in the US and global equity markets. It is certainly making bargain hunting more difficult, but not impossible.

For small investors willing to dig a little deeper, certain micro capitalization companies appear to be trading at very compelling valuations, and which are not yet on the radar screen of institutional investors due to their lack of size and/or obscurity.

Two investment themes I have been focusing on...

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