Thank you
There are no analysts nor estimates here. Assets are $78M, Book Value $8.28, up from $4.83. Investment gains were near $18M, leading to EPS of $1.85 for the quarter and $3.47 for the year. As usual, the company provided very little detail. It has continued to accumulate shares of LBRG, and has reached an agreement with that company to get two Board seats. A merger of the two remains one possibility. The stock is getting noticed, up 20% YTD. It is cheap on earnings, but note all earnings come from its investment portfolio and there is little consistency there. We do find it quite interesting, but it is now trading at a premium to book value and the stock remains very thin, generally. But we think management knows what they are doing, and we would be OK with a slow accumulation of shares here, with a view to hold for a very long time. Despite the family connection to CSU, this is, for now, a holding company and its future direction will depend on the skill of its executives in buying assets. They have done well so far, and have lots of tax credits available, but much can go wrong with this strategy as well.