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  • Tix Corporation: A Hidden Value In Vegas [View article]
    The customer concentration is a risk, but I definitely do not think that Caesars and MGM will partner to start their own. Honestly, the market potential is too small. This is a niche business, and TIX has done a nice job for them. It would be too much of a headache for too little revenue.
    Jul 21, 2014. 10:22 AM | Likes Like |Link to Comment
  • Tix Corporation: A Hidden Value In Vegas [View article]
    I agree with you. That transaction was disappointing. The stock is cheap here though and this quarter should be a good one.
    May 31, 2014. 09:08 AM | Likes Like |Link to Comment
  • Tix Corporation: A Hidden Value In Vegas [View article]
    It appears that event/restaurant operators need a way to sell tickets same-day. Capacity utilization is key to their business models. TIXC has proven its value as a partner in this regard. TIXC also has the patents and physical presence to combat potential competitors.
    May 21, 2014. 02:37 PM | Likes Like |Link to Comment
  • Investors Title Offers The Ultimate Margin Of Safety [View article]
    1) Yes, the refinancing boom is largely over. However, more houses are being purchased (title insurance premiums are higher for purchases compared to refinancing), and I expect transaction volumes to increase further back to historical norms (pricing should also continue to rise as inventories remain tight albeit more slowly than the past couple of years).

    2) The Company remains significantly overcapitalized.

    3) Yes, there is interest rate risk. However, the majority of the Company's bond portfolio is parked in investment grade municipal bonds (which in my opinion is the most attractive segment of fixed income currently). Also, the Company has historically done a good job managing interest rate risk. Furthermore, if rates rise, interest-related earnings power from the fixed income portfolio will also increase.
    Jan 26, 2014. 10:23 PM | Likes Like |Link to Comment
  • Investors Title Offers The Ultimate Margin Of Safety [View article]
    I still own it in size and believe ITIC is now worth between $150 and $160 per share. Housing industry fundamentals are improving and the leadership team at ITIC is stellar.
    Jan 4, 2014. 02:12 PM | Likes Like |Link to Comment
  • Crawford & Company: Come For The Business, Stay For The Arbitrage [View article]
    There is an error in your article. The "A" shares do not have voting rights. The "B" shares are entitled to one vote per share. The Crawford family controls the "B" shares. They own "A" shares as well.
    Oct 14, 2013. 02:32 PM | Likes Like |Link to Comment
  • Buhler Industries: A Farm King In The Making [View article]
    Based on a conversation with management, the Company wishes to remain public. If the two large shareholders had wanted to take it private, they would have done so already. As management continues to build value, I expect demand for the Company's shares to increase. If the Company's two large shareholders change their mind sometime in the distant future and decide to take the Company private, I expect a premium to be paid for the 5% public block (not worth the trouble to make an unfair offer for such a small block). If they do not tender for shares and instead purchase shares in the open market, they'll just drive the price up.
    Sep 13, 2013. 09:29 AM | Likes Like |Link to Comment
  • Conrad Industries: A Value Investor's Pick [View article]
    CNRD is worth over $50 per share now. Conrad's business is booming (as indicated by most recent backlog). The Gulf of Mexico oil & gas business is steadily improving. The BP settlement will also serve as a catalyst.
    Sep 5, 2013. 12:31 PM | Likes Like |Link to Comment
  • Crawford & Company: A Risk-Free Profit Opportunity [View article]
    The spread could widen... it has maxed out at about $2.68 over the past few years. I guess the wider the spread the greater the profit opportunity though. There are plenty of "B" shares available to short, and the cost is virtually nothing. I don't see a scenario where your shares get called unless the short float increases dramatically. It's a pair trade. On the surface, the "A" shares look cheap, but I'm not comfortable enough with the value proposition to make that recommendation.
    Mar 19, 2013. 11:17 AM | Likes Like |Link to Comment
  • Crawford & Company: A Risk-Free Profit Opportunity [View article]
    It's not a question of "A" share market capitalization versus "B" share market capitalization. The economic interest of the "A" share is the same as the "B" share (excluding the dividend). The only difference between the share classes is voting rights. The Crawford family, however, controls the Company, so voting rights should not even matter. Therefore, the price differential between the "A" share and "B" share should in theory be zero... or maybe even in favor of the "A" share since it gets a more significant dividend.
    Mar 18, 2013. 11:26 AM | Likes Like |Link to Comment
  • Crawford & Company: A Risk-Free Profit Opportunity [View article]
    There are plenty of "B" shares out there to short. I'm not sure where you are looking, but everybody I know has had no problems locating shares.
    Feb 22, 2013. 06:16 PM | Likes Like |Link to Comment
  • McGraw-Hill Ryerson Has Home Run Potential [View article]
    Technically, MHP owns 70% of MHR. The MHR ownership stake will transfer to MHE when Apollo closes the MHE acquisition. Therefore, your logic is incorrect. MHR does not own MHE.

    I'm confused by the lack of upward movement (after the dividend announcement) as well. My only guess is that some long-term shareholders wanted liquidity and this announcement provided it.
    Dec 4, 2012. 08:55 AM | Likes Like |Link to Comment
  • McGraw-Hill Ryerson Has Home Run Potential [View article]
    It was and continues to be my opinion that regardless of a spinoff or sale that McGraw-Hill Ryerson would be acquired by McGraw Hill Education. Honestly, I think Apollo will have more of an impetus to see this transaction get done. There are significant cost savings and synergies at stake. In terms of valuation, I still think an 8x EV/EBITDA multiple is fair.
    Dec 3, 2012. 08:56 AM | Likes Like |Link to Comment
  • Presidential Life: Another Example Of Market Inefficiency [View article]
    Historically, the takeover multiple is cheap, but I think management sees the writing on the wall. It's going to be a tough interest rate environment for the foreseeable future (much tougher than I expected earlier in the year). I think it's the best exit shareholders can hope for in the near-term.
    Jul 26, 2012. 02:11 PM | Likes Like |Link to Comment
  • Gaming Partners Is Catalyzed To Rise [View article]
    Frankly, I was pretty disappointed with the company's stock buyback. I don't know with certainty yet, but I doubt much stock was purchased.
    Jul 11, 2012. 08:38 AM | Likes Like |Link to Comment
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