This author seemed to know more of the story than anyone else, though I doubt even he knew it all. Sadly, he stopped writing over a decade ago.

Anyone else remember Michael Smith and his vast web of companies? MFC Bancorp, KHD Humboldt Wedag, Blue Earth Refineries, Mass Financial, and all the rest? He made tons of money for his shareholders and abused them in equal fashion. Is he still kicking?

Wheeler REIT $WHLR gets a third angry letter from its former CEO. Somehow I don't think Stilwell cares.

You just know these still exist so the board of directors (ancient dudes in flannel) can sit around drinking coffee, talking about the good old days, and still believing the big score is out there if somebody would just do one more core sample.

My favorite genre of forlorn, forgotten OTC company is the smattering of miners that last did any actual mining in 1958, but still maintain a bank account with $10k and their uneconomic claims decades later. Some have particularly hard luck.

Goodbye to $GTXAP Garrett Motion prefs, which convert to common shares tomorrow. The first 2 years post-reorg were about deleveraging and simplifying the capital structure. Now investors will look for FCF, return of capital, and evidence the company has a future in an EV world.

I bought a few shares of this company because it's a good business and cheap, and I am a sucker for a Wes Anderson aesthetic. Any guesses?

This small Ohio bank holding company got the sign reversed on all the equity categories on the quarterly balance sheet. Nobody familiar with financial statements reviewed? Just a bit concerning for shareholders. $HCKG

@BluthCapital Good critique. There's a difference between telling your story and writing a fairytale. Too much of the second out there.

@wabuffo Precisely! At exit we had debt, pref A, pref B, and common. In a few days we'll be down to debt and common.

That's why today, I am only interested in complexity if management is working diligently to unwind it and create an enterprise with value that is easily recognizable and assessable. Lowest cost of capital wins.

Being a public company, like it or not, means selling a narrative. Investors reward simple, credible narratives with a lower cost of capital. A company that does not seek the lowest possible cost of capital is shortchanging its investors.

I used to think there was plenty of alpha in complexity, in finding situations where value was obscured by complicated corporate structures and accounting. Now I am less sure.

These days I am inclined to think the presence of complexity (unless absolutely necessary to pursue some hugely profitable opportunity) indicates failure on a company's part to tell a story that the market can easily digest.

A bizarre situation where every board member of this REIT fails to win a majority of votes. Per guidelines, they all tender their offers to resign. The Board of Trustees will decide whether to accept or reject the resignations. The board is them! I wonder what they'll decide? 🤔

Kind of wanting a new avatar. What's the complete opposite of the Greek marble statue, stylistically? Gonna try for that.

I am part of the hoi polloi that read VIC ideas on a 45-day delay, but I love it when posters get weird with it. This Korean micro-cap zit patch manufacturer pitch definitely counts.

I just learned the Bulgarian Stock Exchange has its own bull statue, with one difference: it is nightmarish.

The Santiago Exchange has three different horse racing companies listed. I was not aware that Chileans were so into equestrian sports. "E-sports" as they are commonly known.

Did the “translate tweet” functionality break for anyone else?

Our son is old enough to start a small allowance and savings, so naturally I had to get something for record keeping. I am thinking interest rate breakpoints. A premium rate on the first $100 to encourage saving, stepping down to the Fed Funds rate. @BabeasCorpus

I need a grill for basic backyard burgers and dogs. Is it still possible to buy one without Bluetooth, LED lights, and especially plastic components of any kind? Just a classic, low-tech grill. Ideas? Help a dad out.

This is really something. $WHLR

I spent the whole weekend all excited to buy a Canadian stock today. Trades entered, ready for those sweet executions and... Victoria Day.