When people talk about the Quality of Earnings, what they usually mean is how well do current earnings predict future earnings. This is, literally, the textbook definition of earnings quality. The problem with this definition, however, is that it favours the stability of earnings above anything else. What if, as an example, a future stream … Continue reading Embedded Optionality | FRMO Case Study
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Renn Fund | Enter Horizon Kinetics
On June 13, 2016, Steven Stein, the President of Etude Capital, LLC sent an open letter to the Board of Directors of the Renn Fund. At the time, Etude Capital and its affiliates held 12.4% of the outstanding shares of the Renn Fund (NYSE MKT:RCG). Two months earlier, a shareholder meeting had voted in favour of a … Continue reading Renn Fund | Enter Horizon Kinetics
Winland Holdings Corporation (WELX)
Formerly named Winland Electronics, Winland Holdings Corporation, is a small Minnesota based company that is OTC-traded under the ticker symbol WELX. The company sells sensors that monitor environmental conditions such as moisture, humidity and temperature. Over a period of time, the management team of Winland Electronics had provided unsatisfactory results as they invested heavily in … Continue reading Winland Holdings Corporation (WELX)