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CCSC closed at $46. If the TLAB acquisition went through right now it would be worth $52.47 per CCSC. The discount keeps widening. If CCSC were trading with no takeover premium it would be trading for [just a gues], $38-$40. That means that the market is assigning roughly a 50/50 chance of it happening. Thank goodness for the overweight position of CATP in SFE's portfolio. Up 4 today, at a new high. Yes, it has a very high PE, and would get hit hard if they missed an earnings estimate, but that has been the case since it was $3 to $5 per share. It would be very interesting if a rights offering came out now with words that included internet right now. Like biotech fever in the early 90's the beauty is that there are no earnings to muddy the valuation and greed is the only limiting factor. In this market, that is not a very limiting factor. Since I am handicapped by a memory, I'll pass, and participate through SFE only, meanwhile holding companies of the old era, like TRV LEH, AXP, SFE and spin-offs, and with more stubborness than good sense, CMPC which can't seem to muster up a measly $400 million of market cap with 2 Billion in sales. It's a low margin business, but at least they make a few million which is more than most internet stocks [with several billion in market cap.] will do. Bought more SFE at $36 and more today. Should be a good summer. Best wishes to all and as always, thank you for your excellent contributions. |
