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Long/short equity

National Research Corp.'s Class B Shares: The Low-Risk Double

Given the dearth of bargain opportunities in the current market, I have turned my attention to what Berkshire Hathaway's (BRK.B/BRK.A)Warren Buffett called "work-outs" in his 1961 Partnership Letter, or "securities whose financial results depend on corporate action rather than supply and demand factors created by buyers and sellers of securities." Finding these types of investments is extremely labor intensive, requiring that you sift through hundreds of SEC filings just to find a diamond or two in the rough. Also, when you find them, you have to be prepared to sit on them for months at a time until other investors come to the same conclusion or a corporate event transpires - the timing of which is...

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