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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (39768)10/22/2010 9:28:19 PM
From: Madharry  Read Replies (1) of 78469
 
I cant tell that its attracted much of a following at all given the discount to nav and tnw. I also think that cmp-un.to which is a closed end fund that invests in junior miners and sells at a diluted discount of around 25% gives comfort that we are a far cry from the uranium bubble days a couple of years ago when companies like pinetree sold for 6 or more times NAV.

I am surprised that gfre doesnt have more traction. I eager;u await the next earning report which will be released around 11/08/10. I expect they will be good given that the american elephant in the room reported good numbers from their bromine activites and we are looking at worldwide shortage of cotton, which sounds to me like global apparel sales are doing ok. since a lot of bromine is used in fire retardant materials for clothing that is all good for gfre. I can always be wrong but I dont see how they earn below $1.50 over the next 12 months so I will take a 15%+ return on a growing company any time.

as far as mfcaf- Im not sure there is downside to not tendering the shares. I dont think the price is fair. from what i can tell mfcaf tangible book value is at least $10, so at $7.60 we are being asked to take a 24% haircut. I feel a bit like Mark Twain listening to the preacher go on and on . the longer I sit and ponder the deal the less I like the haircut. I dont know how other MFCAF shareholders feel so if you want to chime in feel free.

Frankly there is nothing to stop Smith from operating MFCAF just the way he has in the past and for him to concentrate on running ttt as an iron ore royalty company.

They are not asking me to vote just to tender my shares. I dont think I will unless I get a better offer.
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