Dennis and All,
Excellent post. Perkins is one of the best money managers anywhere. As of last fall, Perkins Opportunity was one of the top 3(?) diversified funds in total performance. So I interpret heavy buying by him as very bullish.
Where did you find the 13G/A? On Edgar? How can we look it up? Do you know when the shares were purchased and for what prices?
Also thanks to all on this thread for the interesting reading. I was shocked to find what seems to be a hugely undervalued company. I inversted today (heavily) and also spoke with the company's President and COO. He said they (at WRSI) are very bullish an the company, and that this is a speculative investment, since their concept has not yet been proven in practice. He added that if their "Backroom" sites meet
expectations for a couple of quarters, then he expected coverage by the street.
He also made clear that their concept is designed for more than cigar smokers, but for all smokers and others who are looking for a fun atmosphere for great food and drink.
For me, the thing that says that this company is for real is that the air filtering system has been given such importance. I am not a smoker, but would prefer to go to a bar with lots of smokers if it had a state of the art air cleaning system. He couldn't confirm for a fact whether the entire volume of air is replaced every two minutes, but stated that their contractor makes that claim. Who has been to a "Shelly's Backroom"? Apparently, smoke is draw up into the air system, so neighboring smokers don't get any smoke. It doesn't eliminate all smells. (That would be suspiciously too perfect, and might even decrease the sense of atmosphere.)
Also, I asked what made their service superior as he claimed. He replied that all employees are first trained for 5 weeks. I've worked in a number of restaurants and bars and training is typically only on the job and spotty at best. I'll have to check to see how much of their training is on the job. Anyone know what a class act like Lone Star Steakhouse or Outback Steakhouse requires in training? |
