Steven Reiman
Long/short equity, value, research analyst, small-cap

Premier Exhibitions: How Much Farther Can We Sink?

"What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half."

-David Einhorn

Premier Exhibitions (NASDAQ:PRXI) (referred to as "Premier" for the balance of this article) is one of the most well covered small cap companies I have ever seen with many of the most well-known value investing sites producing write-ups estimating what the ultimate value of the company is. I can understand the allure. In many ways, small cap value investing can be likened to digging for buried treasure and by investing in Premier, investors can own a company that actually possesses buried treasure.

At first glance, the story seems simple enough: the company owns artifacts from...

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