We have noticed Stack hitting new highs. It remains small at $85M and does have a buyback in place. But we like its strategy of buying late-stage private companies. It is like a mini-mutual fund, essentially. It trades below book value ($11.30). We know most of management. The CEO was at Venator, which we (Peter) nearly joined way back in 2006. The key here is management's ability to identify solid investment ideas, and we would consider their skill as 'good' in that regard. Insiders own 9% and have been buying. It shows $26M cash on the books (September). With these scenarios, forecasting is hard. It all depends on management's ability to monetize its investments. As we consider the capital markets outlook as good, we would say the same here about STCK. But it is small and needs to be considered higher risk. Often, management is very patient with their investments and not much can happen for a long time.
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