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  • WEX Inc: This High Quality Business Is Now Offered At A Fair Price [View article]

    In my mind, the benefit comes from being able to purchase a substantial new "footprint" of locations from oil companies, which can then be incorporated into the broader network of the company.

    The way I conceptualize it is a lot like railroad companies buying each other - as they have more track miles they can leverage both scale, efficiency and new customers. Adding more locations to the payment network makes it more valuable.

    When it comes to Healthcare, I think that the most simple way I can describe the opportunity is being able to allow employers to issue a card that can be utilized by employees on a discretionary basis for approved medical expenses (sort of like your health credit card at the doctors office, pharmacy, optometrist etc and makes it much easier to track for insurance purposes) but also the cross-selling benefit between small and medium sized businesses that utilize WEX for fleet management as well.
    Oct 14, 2015. 10:33 PM | 1 Like Like |Link to Comment
  • Your Essential Guide To Walter Schloss Investing [View article]
    One of the best investors of all time and his investment style and knowledge have been of great help through the course of my own career.
    Aug 8, 2015. 02:55 PM | 1 Like Like |Link to Comment
  • Landmark Bancorp: An Outstanding Micro-Cap Bank With A 3% Cash Dividend And 5% Stock Dividend [View article]
    I've been a long term holder of this company for several years and there is a lot to like. The company is also getting closer to hitting the $1 Billion dollar asset threshold (Just shy of 900M currently) which is often cited as being the level at which compliance costs can be effectively diffused economically over the company's asset base.

    They also are well positioned to either continue acquiring companies or to be acquired themselves, and have a solid focus on increasing fee based income (like retaining MSR's on the mortgages they originate) and deposit share in their areas of business. They are also aggregating deposits right now in preparation for a raise in interest rates which should lead to some significant long term gains for patient shareholders.

    All with a 3% cash and a 5% stock dividend.

    The only drawback to the company is a mechanical one - the fact that the stock is relatively illiquid and trades in a wide spread. However as the company grows and gets noticed by more investors I think this issue will become less important over time and I think that investors with a long time horizon will continue to be rewarded by this bank and it's excellent management team.

    Long LARK
    Jul 30, 2015. 06:55 PM | 1 Like Like |Link to Comment
  • The Journal Media Group: No Debt, Strong Free Cash Flow And Operating In An Industry Ripe For Consolidation [View article]
    Thanks Chris, big fan of your stuff btw!
    Jun 9, 2015. 07:47 PM | 1 Like Like |Link to Comment
  • The Biggest Threat To Your Retirement Portfolio: Mild Dementia [View article]
    Thanks for writing this article. This is an extremely important if not difficult subject to talk about. I rarely if ever see mainstream financial media or institutions discuss this issue.
    Jun 6, 2015. 12:19 PM | 4 Likes Like |Link to Comment
  • Matson Has A Bright Future Ahead [View article]
    Long MATX since the 20's. This is an extremely high quality company that is well positioned on several fronts and has a significant competitive moat. Investors can't ask for more.
    May 25, 2015. 10:42 PM | Likes Like |Link to Comment
  • C.H. Robinson: Undervalued [View article]
    Agree. Long time fan of CHRW. Thanks for the article.
    Sep 13, 2014. 04:41 PM | 1 Like Like |Link to Comment
  • Gaming Partners International: A Company With A Strong Balance Sheet Putting Cash To Work In A Hot Sector [View article]
    I see Mill Road holding a little over 4% as of March 31st here ( and there was not enough volume traded in the intervening time to indicate that they have disposed of their stake - If I am wrong I will obviously re-evaluate my position. Thanks for the comment.
    Jun 28, 2014. 06:44 PM | Likes Like |Link to Comment
  • Dividend Contenders: 16 Increases Expected In The Next 11 Weeks [View article]
    Glad to see you got SPAN - I'm long the name and debating if I should add more. They are also very liberal with special dividends - it's a small gem of a company in my opinion. Great article!
    Jun 16, 2014. 08:43 PM | 1 Like Like |Link to Comment
  • Banco Popular: Trading Under Par, The Preferred Stock Of This Regional Bank Is Attractive [View article]

    I'm sorry I forgot to include that in my terms discussion, shareholders will have your principal refunded in 2033 per the prospectus. Dividends do not go up (unlike some common stocks) however.

    Apr 26, 2014. 03:39 PM | Likes Like |Link to Comment
  • Commerce Bancshares: Is The M&A Titan Awakening? [View article]
    Look at the 30 year chart for Commerce and look at the once for Wells Fargo.

    The growth profile is almost identical, except for the fact that Commerce has a market capitalization of around $4 Billion and Wells has around $250 Billion.

    I think that Commerce might be one of the best permanent holdings available to younger investors.
    Apr 23, 2014. 11:41 AM | Likes Like |Link to Comment
  • Corning: A Perfect Case Study On When To Sell [View article]
    I started buying shares of GLW at $11.50 in late 2012.

    While I agree that the company might face some short term headwinds, I believe that the company has the potential to continue to earn well over the next few years due to new products like Willow, fiber optics, Ultra High Def TV's (LCD/Lotus Glass), Labware and deploying Gorilla Glass in new areas like cars in addition to the growth of mobile devices.

    I also think that the Sapphire situation is overblown, particularly when you account for the materials higher cost and the fact that it is much heavier. Gorilla Glass itself is also not an unchanging product, the company is continuously improving the material.

    I also like the use of an ASR program and I think it is important to note that Samsung went with convertible preferred shares in GLW after they consolidated their Korean operations, similar to Buffett's style.

    In the near term from a strict Grahamian perspective (Graham Number somewhere around $21) I could see why many would want to sell this stock.
    I'll keep holding because I think that the company can continue to meaningfully increase it's dividend (and pushes my aggregate Yield at Cost closer to 4%). At 18~17 I would consider adding more.

    Always appreciate the read.
    Mar 14, 2014. 01:13 AM | 3 Likes Like |Link to Comment
  • Squeeze Out Over 70% Returns From Crown Media Holdings [View instapost]
    Indeed. Very interesting and unusual volume for the past two sessions. I agree that something is going on.
    Mar 10, 2014. 05:07 PM | Likes Like |Link to Comment
  • Koppers Holdings Is Trading At A Dirt-Cheap Valuation [View article]
    Agree, I wrote an article about this name a few months ago and was happy to see the valuation come down to more attractive levels.

    This is a remarkable little company. Can't go wrong with telephone poles and cross-ties (in addition to a longer term call option on the resurgence of the US Aluminium market.)
    Mar 4, 2014. 07:05 PM | 1 Like Like |Link to Comment
  • LICT Corp. Is Far Too Cheap [View article]
    A masterstroke, Mr. Karsan!
    Mar 3, 2014. 08:36 PM | Likes Like |Link to Comment