Special situations, growth at reasonable price, value, micro-cap

A Review Of New Resource Bank, A Profitable 'Story Stock' Trading Below Book Value

Background: As an eclectic investor, I like to have deep value stocks in my portfolio that are undervalued enough that they meet a Seth Klarman-type criterion of having a high margin of safety. In what many money managers consider to be a generally richly-valued set of financial assets - both stocks and bonds - I find that in order to truly have the margin of safety that was commonplace when I began investing in 1979, I must own somewhat illiquid stocks. (Once in a while there is the rare special situation wherein a large cap stock looks seriously undervalued; this includes Apple (NASDAQ:AAPL) in 2010-2012 and Gilead Sciences (NASDAQ:GILD) recently and today). But those are...

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