[Article on Adapting Old-Style Phone Wires for Superfast Internet]

Ya but this sounds like literally the last 10 meters from the pole to your house. And you need equipment on every pole which costs capital. How much will it cost for the telcos to get that kind of broadband to that last pole? A lot I would think.

 

 

[Investors focused on special situations]

Check out Special Opportunities Fund Inc (SPE). Special situations and activist strategies by Bulldog Investors.

[Current Holdings]

Sculpin, Counsel Corp looks interesting. Is there a write up on it somewhere?

 

 

Top 5 holdings - all Canadian

 

Maxim Power – undervalued power producer trading at $3.00 with a sale of U.S. & French power assets in the near term that could bring in up to $3/share cash and eliminate debt. No value for coal assets or NG powered development projects. Total value here probably > $5/share with hard book = $4.50.

 

EGI Financial – trades @ $10.30 with book value $13.60, buyback, underwriting makes money, very conservative mgmt

 

Counsel Corporation – trades @ $1.55 – holdco with 2 main operating companies (one to be spun out to shareholders & the other a fast growing Canadian mortgage broker), legacy real estate & other non core assets to be sold within 12 months, value >$2.75

 

Equal Energy – Oklahoma based E&P listed on TSX & NYSE – activist have pushed for sale of all Cdn properties & now a strategic review. B/S now very solid, initiated a dividend. Highly levered to rise in natural gas/propane pricing. Trades below half of valuation of direct comparable.

 

Sonde Resources – asset rich E&P trading $0.95 in Canada & US – value most likely >$3. Finalization of North African farm out  & Canadian strategic review outcome would be very positive catalyst for shares.

[Third Point Offshore Investors Ltd.]

The insurance companies indeed pay the standard fees to the hedge funds, however, you get the benefit of intraday liquidity and the benefit of the float. As for Greenlight's bad underwriting, I would not call it history, as it is a very new company and the poor results have been primarily due to one bad business they went into (commercial auto) which I view as a single poor decision. Time will tell.

[Horizon Kinetics Q4 2012 Commentary]

I agree. I think they are a very good shop. FYI for those who are not aware, you can invest in the intellectual property of Murray Stahl and Steve Bregman (horizon principals) via FRMO.