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  • Buying Rocket Fuel Finally Makes Sense [View article]
    Thanks, 247yak.

    I have noticed those big differences in gross margins, and try to account for them in my thinking.
    Mar 4, 2015. 11:08 AM | Likes Like |Link to Comment
  • Buying Rocket Fuel Finally Makes Sense [View article]
    Thanks, Charles.

    I have a nice position in SZMK I picked up between your October and November articles. Obviously very happy with that. And you're right, TRMR does look just unbelievably beaten down and inexpensive now. I'm literally blown away to be looking at these relatively promising looking companies with EV/revenues under 0.3.

    My problem is that this space seems to be very competitive and I don't have an understanding of the competitive strength/weakness and market opportunities of the different companies. I don't even see how an outsider could hope to get such an understanding. MM for instance, was looking appealing to me. Again, just super cheap on EV/Rev. Their growth isn't what you might like any more, but they tell a pretty good story around the Nexage acquisition.

    Anyway, thanks again for your input.
    Mar 4, 2015. 11:07 AM | Likes Like |Link to Comment
  • Buying Rocket Fuel Finally Makes Sense [View article]
    Thanks for another excellent article, Charles.

    What are you thoughts on the relative investment merits of FUEL vs. SZMK vs. MM? I know they're not all directly comparable, but they are all in your field of expertise, and they've all recently become much more attractively priced.
    Mar 3, 2015. 06:18 PM | 2 Likes Like |Link to Comment
  • Stocks give up gains as ECB rejects Greek paper as acceptable collateral [View news story]
    I question the credibility of anyone who claims to know how this Greece-EU situation is going to play out.
    Feb 4, 2015. 04:54 PM | 6 Likes Like |Link to Comment
  • Cubist: Zerbaxa Upholds The Potential To Replace Cubicin [View article]
    How do you imagine Cubist shareholders are going to benefit from Zerbaxa? Cubist is being purchased by Merck for $102/share. 1.3% upside from here. What's the point of making sales estimates and EPS guesses? It's all going to Merck.
    Jan 5, 2015. 03:22 PM | 1 Like Like |Link to Comment
  • Intrusion Has A Very Favorable Risk/Reward Ratio [View article]
    Interesting find; good write up.

    Seems like a similar story to Cyren (CYRN), another internet security company. CYRN is a bit more of a "value" based on established (slow growth) products: ~$30 million in revenues vs. ~$65 million market cap fully diluted, and roughly break-even for cash flows. Looks like INTZ is already getting some growth out of their new products; CYRN's new product growth is expected to take off in 2015.
    Dec 4, 2014. 07:03 PM | Likes Like |Link to Comment
  • LiqTech's Path To $100 Million In Sales [View article]
    Interesting company and a nice write-up.

    Any thoughts on their choice of auditor? The auditor on last year's annual report, Gregory & Associates of Salt Lake City, has one partner and zero professional staff. That's not a red flag I wouldn't think, but it does seem a little sketchy to me.
    Dec 1, 2014. 06:40 PM | 1 Like Like |Link to Comment
  • Punching Above Its Weight, Little-Known Pointer Telocation Has Multi-Bagger Potential [View article]
    A couple of very nice articles on PNTR today. I'll admit I'm mostly sold on the idea. Reading their filings, one thing bothers me a bit compared to what's written up in these articles. Both articles mention the road side assistance (RSA) program, a legacy asset, while focusing on the growth of the telematics business.

    But if you look at the filings, it looks a little messier than that. They do have the RSA service, but they also do emergency home repairs, and they own half of an Israeli car sharing service (like Zipcar). Just in 2011 they bought a chain of auto repair garages in Israel to complement the RSA service. I haven't finished reading, but I can't (yet) tell how much of their service revenue comes from these low-tech, lower growth businesses. I guess it doesn't matter so much, since the stock is cheap and the telematics business obviously is large and growing.

    Nevertheless, it does give the appearance that management may not be sufficiently focused on the telematics business. That does matter. The CEO certainly seems focused on the right things in this interview. But this is the same CEO who bought the car repair garages a few years ago. It's not a show stopper, but it does reduce my comfort level a bit.
    Nov 18, 2014. 05:17 PM | 1 Like Like |Link to Comment
  • Recovering In China Will Be An Arduous Task For Guess [View article]
    Asia as a whole makes up ~14% of GES's revenue. Of their 501 Asian stores, only ~14% of those are outside South Korea. Not all of that is China, but even if it was, that would give a reasonable estimate of China revenues of 2% of GES's total revenues.

    So, why should a GES shareholder seriously worry about something so insignificant to the company? The shares are in pretty deep value territory here with a 4% dividend, lots of cash to weather any hard times... Could something go wrong? Sure, but I don't think it's likely to be China.
    Oct 30, 2014. 10:11 AM | 1 Like Like |Link to Comment
  • Rosetta Stone Is Possibly The Most Misunderstood Story In The Stock Market [View article]
    I use it for modern Greek, a significantly more complex/difficult language than English and most European languages. It works great for me. I have to say though, learning to read and write is different than learning to speak and understand. Rosetta is great for the latter, maybe less so for the former, and maybe weaker for Asian languages. I couldn't say. I can say that traditional language courses such as Coursera offers, wouldn't appeal to me. There will always be a lot of options in this space, but I think for ease of use and brand power, Rosetta Stone is in a very strong position.
    Oct 15, 2014. 08:37 PM | 1 Like Like |Link to Comment
  • Rosetta Stone Is Possibly The Most Misunderstood Story In The Stock Market [View article]
    Rosetta Stone can be run on Microsoft's Windows, Apple's Mac and iOS, and Google's Android. No limitation there.
    Oct 14, 2014. 09:38 AM | Likes Like |Link to Comment
  • Rosetta Stone Is Possibly The Most Misunderstood Story In The Stock Market [View article]
    I've used Pimsleur too. Better than some of the new apps for sure, but Rosetta Stone is still hands down the best language learning system I've tried-- for my needs.
    Oct 13, 2014. 03:11 PM | 1 Like Like |Link to Comment
  • Rosetta Stone Is Possibly The Most Misunderstood Story In The Stock Market [View article]
    I agree on all counts: the clear value, and the frustration of being an RST owner.

    Also, I'm a long-time Rosetta Stone user, and my wife and I recently tried out Duolingo and Babbel. At least for our purposes, both of those options were vastly inferior to Rosetta Stone. In the end, I think there will end up being real value in the consumer segment, but agree that E&E is the bigger opportunity.

    The other education products are growing rapidly (Fitbrains, Lexia) and E&E growth was expected to pick up in the 2nd half. Given that Q3 is the strongest quarter for E&E, those earnings could be a good catalyst.

    On the topic of seriously misunderstood stocks, this recent Pro article
    highlighted a similar, excellent opportunity. A 65% gross margin, modestly profitable, cash-rich software/tech company trading at EV/Sales of under 0.25. Too good to be true, much like RST, in my opinion.
    Oct 13, 2014. 01:35 PM | Likes Like |Link to Comment
  • Sizmek: The Profitable Ad Tech Company That Nobody Is Talking About [View article]
    Excellent find and great write up. Sorry you were a bit early on the call, but it worked out great for your readers. The downside from here is so small, and the potential upside so solid, this is just a great recommendation. I have a feeling it will be my buy of the year.
    Oct 13, 2014. 09:41 AM | Likes Like |Link to Comment
  • IMRIS: An Undervalued And Misunderstood Bet On Minimally Invasive Surgery Robotics [View article]
    Excellent article and thoughtful commentary. Thanks for your efforts.

    I've been long for about a year now. The CEO has talked for quite a while about their half billion dollar pipeline of potential sales, but it's been painfully slow to materialize. Things do seem to be picking up lately. They remind us how lumpy their bookings and revenues are (in the recent earnings call), which makes you worry that the recent pick up is an aberration. However, they did seem pretty convinced that the improvements would continue. Fingers crossed.
    Oct 7, 2014. 11:37 AM | 1 Like Like |Link to Comment