Kahn Brothers 13F - 2012 Q4

[Guest hellsten]

Kahn Brothers latest 13F is out:

http://blog.whalewisdom.com/filer/kahn-brothers-co-inc-de

http://www.sec.gov/Archives/edgar/data/1039565/000103956513000001/qtr13f4th12.txt

 

Interesting to see that they have been buying MBIA. They don't seem to be afraid of smaller companies either. Nam Tai Electronics is almost 7% of their portfolio. Nam Tai's market cap is just $646 million after +100% returns in a year.

 

Another interesting name is Landmark Bancorp (LARK). Market cap is ~$60 million. Dividend is 3.8%. Plus, LARK has paid a 5% yearly stock dividend since 2001.

 

Financial highlights:

http://irsolutions.snl.com/reports.aspx?keyreport=-58&iid=102409

 

Ownership:

http://irsolutions.snl.com/institutionalownership.aspx?iid=102409

 

2011 annual meeting presentation:

http://irsolutions.snl.com/Cache/1500033557.PDF?D=&O=PDF&IID=102409&Y=&T=&FID=1500033557

 

2011 annual report:

http://irsolutions.snl.com/Cache/1001164915.PDF?D=&O=PDF&IID=102409&Y=&T=&FID=1001164915

 

Landmark has dealt with the recent

challenges and avoided the pitfalls. We are well positioned

to capitalize on the opportunities that are present in this

environment. We are aggressively looking to serve those

customers that are unable to receive the service they desire

at their present bank. We are also alert to opportunities to

grow our franchise when others in the industry are tired of

addressing the challenges and are looking for an exit strategy.

However, we are addressing these opportunities cautiously

in order to recognize and understand the risks and to

avoid unexpected problems. We feel that in the right

circumstances, these expansion opportunities will provide

immediate value for our shareholders.