Thursday, December 28, 2023

SPRS is Consistent, Profitable, and Cheap

Surge Components (SPRS) is a rarety amongst my portfolio: well run and profitable.  The stock sits at $2.40 giving a market cap of $13.7m.  They have $10m in cash + securities, $40m TTM revenue, $2m TTM net income.   

The board owns over half the company and acts intelligently.  They build up cash and do the right things.  In 2017 they spent most of their cash buying back half the common in a tender at $1.43.  Since then they've built it back up from $1.5m to $10m.  

No drama with this one and no shady management.  Even I stumble onto quality once in a while.  

Tuesday, December 5, 2023

SLGD is Becoming Something New

I first wrote up Scott's Liquid Gold, SLGD, in 2018 at $3.35, at the peak of the 10 year chart. With the stock at $0.40 now that's looking like a big mistake.

But one thing I like to do is hold for a long time and forever evaluate. I'm constantly reading press releases and filings. Checking over and thinking what might be next. I'll buy more when it makes sense and hold out for brighter days.  Rarely do I sell.

Monday, September 18, 2023

HAUP Courtroom Battle over DE State Law 220 Finally Done

We finally have HAUP financials!  It only took 8 state law DE 220 demand letters, almost 4 years in court, and hundreds of thousands of dollars in legal fees!  

It went all the way to the Delaware supreme court if you can believe it, and they ruled in favor of the shareholder: a company must provide financials to a shareholder asking for them and importantly the company is not entitled to enforce an NDA. That's some great precedent!

The HAUP CEO Ken Plotkin fought as hard as he could for years and I don't see why. As a wise man once asked, "Is he a crook or a person in a lousy business just trying to survive?".

Check out these lines from Plotkin's own lawyer!

"the undersigned believes it incredible that the Company will abide by any future Order from this Court or our Supreme Court" 
"it is not clear to the undersigned that the Company has any credible intentions of paying the Costs awarded to Mr. Rivest, let alone the outstanding balance owed to Counsel or the appellate retainer" 
"The undersigned has advised the Company not to relocate to a different jurisdiction or attempt to move assets, for that may trigger issues sounding in fraudulent transfer. Despite that advice, it appears the Company is in the process of moving, without disclosing its address to the undersigned"
Can you imagine?!  Your lawyer walks into court and says he's not getting paid, the court won't be paid, his client won't do what you say, and the client is trying to skip town.  Insane

Monday, July 31, 2023

Off Topic: The Firebird is Done!

In 2006 I bought a 1967 Pontiac Firebird that hadn't run in over a decade.  I've been restoring ever since and it's finally done after 17 years,  3 months, and 11 days!  Or actually it was 1 wedding, 3 kids, and 4 dogs.  No wait I mean 4 cities, 4 rental houses, 3 purchased houses, and 2 states.  I've paid more in towing fees than to buy the original car.

No stock talk in this post.  Just an old car hobby.

Wednesday, July 19, 2023

Attention Hydromer HYDI Shareholders

 Could all HYDI sharesholders please contact me at  I'd like to chat.

Monday, June 5, 2023

Activism and Change at GVP

I bought into GSE Systems (GVP) a couple years ago due to change and here today I sit seeking more.  

In the past year the stock is down ~70% yet somehow the CEO's compensation went up by 75%.  The CFO's pay is up 50%.  The market cap is only $10.2m and they get $1.84m+0.91m = $2.75m!!  These idiots are not worth a quarter of the company.  That is a really bad look and I do not approve.  

I am voting against the director nominees, against the ridiculous executive compensation, and against their planned >20% dilution.  I invite you to do the same.

There is activism from several parties.  Ankur Saggar has written several board letters and organized a website   SpearPointCapital has posted a deck and pushes for others to vote against the status quo.  Silverback is trying to get on the board.

Monday, May 29, 2023

POLXF Buyout Arb

 POLXF announced a buyout from BioSpectra last month 4/27 for $2.017 per share of common.  The stock sits at $1.74 which I think is too low.  16% just waiting for you to pick it up.

Monday, April 17, 2023

NoName Annual Performance 2022-2023

This has been my worst year with a -16.7% return, but today marks the completion of my first decade and a 10 year CAGR of 36.2% is nothing to sneeze at. Cheers all!