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

For Dream, Lengthen Your Time Horizon

Dream Unlimited [(OTC:DRUNF)(DRM.TO)] is a Canadian land/real estate developer and asset manager that exhibits many of the classic inefficiencies in the stock market: a spinoff, owner/operated, a low float, exclusion from various market indices, a lack of analyst coverage (one analyst), a listing in a less covered market (Canada), and a firm comprised of underlying businesses/assets that are difficult to value on a consolidated basis.

If those inefficiencies weren't enough, valuing Dream on a quarterly basis is particularly futile given the long lead times it needs to apply for permits, plan, develop, sell and convert to cash its land and real estate holdings. Therefore, investors in Dream need to lengthen their time horizon and look out to 2016...

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