Ann: Quarterly Activity and Cashflow Report, page-96

Another good post, thanks Value. What we are suffering here is the same for most in the micro/nano cap space. Amplified by our work in a maligned industry. Super investor Einhorn has previously stated that with passive investing, the system of recognition and therefore upward mobility of small value stocks are in something of a crisis. His answer to this, buy into a low PE unloved company Consol energy and push for aggressive buybacks and force the market to re value. As another superinvestor, mohnish pabrai has outlined in his thesis for coal companies.. a pe of below 5 with aggressive buyback produces a 500% + return in 5 years, not including the market multiple increase as investors trust the management capital allocation. Just a thought.