Warren Buffet has always licked his chops when PPS for a company...

Warren Buffet has always licked his chops when PPS for a company he owns is down. That's when he buys more. The value of a loaf of bread is stable. It contains X calories and nutritional value. If the amount of cash required to buy that loaf is lowered by a bunch of people wanting to sell the bread they own, then when the price is right, Buffet elbows his way to the front of the line with a bushel basket of cash to buy as many loafs as he can. For example, he invested heavily in Goldman Sachs and other sagging investment firms in October 2008 when the price per share was extremely low. More than 50 years ago, Buffet had moved out of stocks in the early 1970s. The price per loaf was excessive, so he sold. He was back buying like a drunken sailor come December 1974 when the DJIA hit 700 before beginning its long rise with a few dips along the way to it's current level. You could call it market timing. He called it value investing - which it was.

What's the point? TMK's concession is worth exactly the same that it was worth when the shares were trading in the double digits. It's the same loaf of bread that it was then. On the heels of the Talon transaction, shares have been dumped at fire sale prices. This is the time to elbow to the front of the line and to buy at a deep discount.

Personally, I'm in for the long haul. I've been a significant investor in TMK since it began trading, and plan to remain fully invested prospectively. Call me silly, but I have not sold one share and don't plan to. In fact, if I had some cash on hand, I would be increasing my position significantly. For now, I'm patiently on the sideline, confident that the market will recognize TMK's value over time. I'm not in the fast money crowd. At the end of the day, value is always reflected in the price of stock. At times, the markets overprice a company. At others, it underprices a company. TMK is underpriced today (i.e., a "buy").