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What A Difference A Year Makes...

Almost a year ago exactly I happened upon an odd little company. It was small - around $100 million in market capitalization. It was illiquid, trading no more than several thousand shares a day. It was engaged in what I thought at the time to be a dull, boring business. It's balance sheet was also something that I could barely believe - the company had enormous amounts of cash (and cash equivalents per share) and was trading under book value. It had almost no debt. Almost no one followed it. In short - it was a Value Investors dream. I fell victim a malady familiar to Value Investors: I just sat there and did...

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