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Alex B. Gray

 
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  • Overstock.com: A High Conviction Idea With 150% Upside [View article]
    Mike,

    Good article. I thought this information from the Overstock.com website might be helpful giving your readers some early background on how Mr. Byrne became the bane of many on Wall Street and also those on CNBC. As far as CNBC, it is rare they will be highly supportive of individuals going after those on Wall Street. CNBC requires a constant flow of content and the big investment banks and hedge funds can just as easily send their people over to Bloomberg or Fox Business instead.

    http://bit.ly/1q12lEI
    Aug 8, 2014. 12:06 PM | 1 Like Like |Link to Comment
  • Sprott Resource Corp Announces CEO Change Up - What It Means For Shareholders [View article]
    Regarding my earlier comment, SCPZF is not halted. It is showing halted on the quotation service from by broker, but they currently do not know why. However, there is nothing from the IIROC to indicate a halt.
    Oct 25, 2013. 11:37 AM | Likes Like |Link to Comment
  • Sprott Resource Corp Announces CEO Change Up - What It Means For Shareholders [View article]
    movies555,

    I actually thought when trading was halted for the management change that they may announce a roll up into Sprott Inc. similar to how they did Sprott Resource Lending Corp.

    Today it appears trading has been halted once again. Maybe...
    Oct 25, 2013. 09:48 AM | Likes Like |Link to Comment
  • PICO Holdings: Making The Bull Case [View article]
    Weighing Machine,

    PICO owns approximately 22.6% of Mindjet.
    Oct 8, 2013. 08:48 AM | 2 Likes Like |Link to Comment
  • MFC Industrial: Misunderstood And Undervalued With 45% Upside Potential [View article]
    buffett222

    "(iii) acquire additional Shares;"

    I think it is a difficult leap to make to assume he is going to start selling. The language in the last paragraph is for the most part just boilerplate to allow him to take just about any action.

    The 13D/A showed he acquired an additional 257,400 shares at $8.23 on September 6. It is possible he might be a seller, but I think he might attempt some other actions first in order to protect his investment. The Smith/Kellogg relationship is not exactly a new one so I have to assume he knew what he was buying into when he started adding to his position.
    Oct 4, 2013. 08:09 AM | Likes Like |Link to Comment
  • MFC Industrial: Misunderstood And Undervalued With 45% Upside Potential [View article]
    Largest MFC shareholder, Peter Kellogg, filed an Early Warning Report (EWR) with SEDAR and an amended 13D with the SEC. Below is an excerpt from the EWR.

    Recently, Mr. Kellogg has become concerned about the corporate governance practices of MFC. As a result, in September 2013, Mr. Kellogg approached Michael Smith, the Chief Executive Officer of MFC, concerning the appointment of an additional independent director to the board of directors of MFC (the “Board”).

    Mr. Kellogg may take such future actions with respect to his investment in MFC as he deems appropriate. Mr. Kellogg intends to, among other things, closely evaluate the performance of MFC and the value of the Shares, including but not limited to the continued analysis and assessment of MFC’s business, assets, operations, financial condition, capital structure, management and prospects, as well as its corporate governance practices.

    Depending upon such factors that Mr. Kellogg may from time to time deem relevant, Mr. Kellogg may, among other things: (i) communicate with the Board and management of MFC, as well as other shareholders of MFC, or persons who may desire to become shareholders of MFC, regarding the composition of the Board and management of MFC; (ii) solicit proxies or consents, to be used at either MFC’s regular annual meeting of shareholders, or at a special meeting of shareholders, or otherwise, with respect to the matters described in clause (i) above, including possibly the election of one or more nominees of Mr. Kellogg and/or such other shareholders to the Board; (iii) acquire additional Shares; (iv) dispose of some or all of his Shares; and/or (v) take such other actions with respect to MFC as Mr. Kellogg may from time to time determine appropriate.
    Oct 2, 2013. 02:36 PM | Likes Like |Link to Comment
  • MFC Industrial: Misunderstood And Undervalued With 45% Upside Potential [View article]
    buffett222,

    I am not sure I understand what you mean by "corrected". Book value currently stands at approximately $11.90 per share based on IFRS accounting rules.
    Sep 30, 2013. 01:25 PM | Likes Like |Link to Comment
  • MFC Industrial: Misunderstood And Undervalued With 45% Upside Potential [View article]
    Clemens,

    My apologies for the slip on your name. I have sent a message to the editorial staff to have it corrected.

    Your article is dated, but it served my purposes well and I think it is a valuable read for anyone interested investing along side Michael Smith.

    Also, thanks for the update on KHD.
    Sep 30, 2013. 01:19 PM | Likes Like |Link to Comment
  • Should You Gamble On Tropicana Entertainment? [View article]
    aashiq_asanar,

    You should be able to access the financials at sec.gov with the link below.

    http://1.usa.gov/YeJ2vL
    Jan 29, 2013. 08:19 AM | Likes Like |Link to Comment
  • Natural Resources Investor Sprott Resource Corp. Is Now A Big-Time Dividend Play [View article]
    Akaralph,

    Most of the losses from the most recent MD&A were a result of non-cash impairment losses on its investment in WestFire which is now Long Run Exploration due to the result of a merger between WestFire and Guide. These adjustments are made regularly on its investments based on the current value and can also result in comprehensive income if the value of the company rises.

    It is also important to keep in mind that the history of Sprott is generating cash through the sale of investments and subsidiaries such as the recent sale of Waseca which provided the company with approximately C$111.7 million in cash. Management believes its investments have matured to the point that they will be able to generate enough cash to support the dividend.

    I do think they did initiate the dividend in part to support the price of the stock. The company had also been buying back shares regularly at a discount to book which may slow with the implementation of the dividend. Also, the announcement of the dividend sent the shares higher making share buybacks less attractive.
    Jan 14, 2013. 08:26 AM | Likes Like |Link to Comment
  • Natural Resources Investor Sprott Resource Corp. Is Now A Big-Time Dividend Play [View article]
    Pat Shuff,

    Just to clarify... The margin account was paid in its entirety with part of the proceeds from the Waseca sale to Twin Butte. You will find this on page four of the MD&A.

    http://bit.ly/13lTxjL

    I would agree that Sprott Resource should not really be looked at as a way to hold gold.
    Jan 10, 2013. 05:26 PM | Likes Like |Link to Comment
  • Natural Resources Investor Sprott Resource Corp. Is Now A Big-Time Dividend Play [View article]
    Trying To Retire Early,

    I hope you reach your goal and that Sprott Resource may play a valuable role in that effort.
    Jan 10, 2013. 07:58 AM | 1 Like Like |Link to Comment
  • Natural Resources Investor Sprott Resource Corp. Is Now A Big-Time Dividend Play [View article]
    @tsxpro,

    I will admit the the size of the dividend was a surprise. It would appear management believes the company's investments are mature enough that it will be able to monetize those investments with positive results on a more regular basis.

    In addition, it may have been an effort to close the gap between market value and book value putting some support under the stock. It would appear it did achieve this goal at least in the short-term. The company had been regularly buying back and cancelling stock at discounts to book which seemed to be broadly ignored by the market.

    A more pessimistic argument could be made that management believes returning cash to the shareholders is currently its best alternative pointing to lack of potential high return investments in the natural resources sector.
    Jan 10, 2013. 07:54 AM | Likes Like |Link to Comment
  • Natural Resources Investor Sprott Resource Corp. Is Now A Big-Time Dividend Play [View article]
    442,

    Thanks for the comment. The asset mix is unusual, but the focus of the company is on all natural resources. The ability of management to be able to move in and out of various natural resources when it is advantageous has been the key to their returns to date. That is why the mix has not really been a concern for me.

    As far as the gold, when they made their original purchase of gold bullion, it was purely for investment purposes and also as a store of value over holding cash. Below is a quote from Eric Sprott that would make this seem likely.

    " In the sea of financial assets and currencies that are being decimated the world over, the one true safe haven continues to be gold." - Eric Sprott, Markets at a Glance, October 2008

    The investment has paid off with a total return of roughly 60% which proved to be a much better alternative to cash. In many ways the statement Eric Sprott made back in 2008 still holds true as central banks continue their magic.

    If a potential investment surfaced which required liquidity, I am sure the gold would be sold if management believed higher returns can be found elsewhere. I don't really look at this as a gold investment and agree if you want to own gold then it should be bought as its own investment. I think management just believes it is better than cash while they look to allocate the capital.

    I am with you on One Earth Farms. OEF could be the most interesting asset in the mix if they can execute their plan.
    Jan 10, 2013. 07:18 AM | 1 Like Like |Link to Comment
  • PICO Holdings: An Opportunistic Value Investor [View article]
    I am very interested to see the third quarter operating results for Northstar. I believe this will be a positive catalyst for the stock over the coming months. In addition, today's announcement that they plan to build a plant in Oklahoma is very encouraging.

    The company may also start to benefit from real estate investments it made in the depressed housing market. The water assets appear to be a much more long-term prospect unless a willing buyer comes into the picture.

    All of the recent developments including the sale of the Nevada real estate and the sale of the insurance run-off portfolio would seem to be positive for the long-term investor. However, I do share the concern of Robin Heiderscheit regarding stock ownership of management.
    Oct 29, 2012. 03:26 PM | 1 Like Like |Link to Comment
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63 Comments
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