KJP

The blogger at 17 Mile is shutting down his blog due to, among other things, the collapse of his strategy. His last post is a very candid assessment of his performance, strategy and current abilities. I found the post-mortem, along with a review of his prior investment theses (mostly well known names), helpful in reminding me about my own limitations as an individual investor, concentration/diversification, and what types of investments I should be considering versus putting in the too-hard/too-levered pile. In case anyone else find's it useful, here's a link: http://seventeenmile.com/

Karelia Tobacco

I agree with this and think it applies to most people, including me 20 years ago. (See the post about bias.) Many of the posts in this thread talk about what someone could do without going to college. But realistically most people would never do those things on their own. Also, nearly everyone I know loved their time in college, and I suspect it bettered their lives in many ways. Is that worth $150,000 in debt? I doubt it. But I think the experience is worth something. An earlier comment also cautioned against "high end" schools. I disagree with that as well. Being around thousands of very smart people your age when you're 18-22 is invaluable. Plus, most "high end" schools offer generous financial aid, so very few have to pay full price to attend.

I don't mind not having quarterly reports, but I do think the lack of any public annual financials is a problem. Without them, how are there going to be new buyers for your shares? It seems like a recipe for chronic undervaluation and, ultimately, a takeunder. I want to qualify all of this by acknowledging that I haven't seen any empirical analysis of this issue and would be interested if anyone has seen any analysis of, for example, P/E or EV/EBIT multiples for fully dark companies relative to similar public companies.

Has the company made any public disclosures since going dark? It doesn't appear that they're going to provide shareholders with quarterly reports. Are they going to provide annual audited financials? The 8-K announcing the decision to go dark is equivocal on that point.

i started looking at videocon d2h, it reported decent metrics but the stock did not react as positively as I would have imagined Agreed. I also thought guidance was really strong. There might be macro/India fear involved? Do you have any background on the Dhoots and their treatment of minority shareholders? I've only heard an unflattering whisper or two, but don't have any firsthand knowledge.

Look forward to seeing it.

Southpaw: I really liked your QIS writeup. Do you have something similar for QHR. At first glance, it appears to be a leading niche SAAS software company trading at 2x recurring revenue with room for growth, both from greenfield opportunities and other EMR software providers. One question I do have is if EMR software is very sticky, why is QHR able to obtain 1/3 of new sales are from competing EMR providers? Do they have a superior product? Lower cost to the user? Also, do you have a sense of the returns on capital the company has been able to achieve on its acquisitions of competing EMR providers? The recent Jonoke transaction, for example, appears to have given QHR access to $1 million in recurring revenue for almost nothing (I understand that not all of the Jonoke users will transition to QHR).

TNR Technical (TNRK)

Advant-E Corporation (ADVC) Mestek (MCCK) ELXSI Corp (ELXS) Conrad Industries (CNRD) [Founding family still runs it; not sure if they have majority ownership] Heritage-Crystal Clean (HCCI) [This is run by original founder but not majority owned by him] Radiant Logistics (RLGT) [Also run by founder but not majority owned by him]

Isn't Radiant trading at 9x-10x 2016 EBITDA? Market cap plus existing options is about $220MM + $20MM preferred + $55MM in debt, and 2016 EBITDA of $32MM (midpoint of guidance).

Good senior managers should: (i) run the business well; (ii) allocate capital well; and (iii) treat minority shareholders fairly. Here are some lesser known managers who I think have hit all three points: Character Group (CCT): Richard King (he's winding down now) Judges Scientific (JDG): Alex Hambro Armanino Foods (AMNF): Edmond Pera

Restrictions on the ability of an unlisted company's board to issue stock could arise from: (i) the charter; (ii) the by-laws; (iii) the law of the state of incorporation; or (iv) a shareholders' agreement. You referred to Delaware law, so I assume you're dealing with a Delaware corporation. Section 157 of the Delaware General Corporation Law authorizes boards to issue stock options, subject to any restrictions in the charter. The statute itself does not provide for any limit on the number of options that may be granted. Instead, you must look to the general law of fiduciary duty and waste.

Agreed re: the Wellington interview, particularly the discussion of the equal weighting on page 23.