Wednesday, September 12, 2007

Pink Sheets - Part V

I just realized that I need to come up with a more original title than the ones I have been using in this blog. Whenever I write on the same topic, I usually just put Part II or Part III. If anyone has any suggestions let me know.

Anyway, Part V of my slog through the Pink Sheets – or maybe if I could sub title it “liquidity isn’t everything,” has produced a company called Laaco, Ltd. The symbol is LAACZ. It last traded at $1525 a share, and the current market is $1550-$1610. The company is legally a partnership and has a yield around 3%.

Laaco owns several dozen self-storage facilities out West, but its most interesting assets are the Los Angeles Athletic Club and The California Yacht Club.

This is very much a family run operation. I counted six different people with the name Hathaway in the annual report, and a family controlled entity called Stabilty, LLC owns 70% of Laaco. Clearly the family knows what they are doing and have produced shareholder value. It's hard to see it in the chart below, but the stock has tripled the last 5 years.

The lastest annual report is here and is a fairly easy read. Click on where it says filings.

Pink Sheet Page


Mark said...
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Mark said...

the name of the stock mentioned in the title would be good. For value investing stuff, the main idea of it like "fallacies in value investing" or something like that maybe.

Eric J. Fox said...

Good idea. Did you see Bexil is deregistering and going off the AMEX. I guess finding a business to buy and following Sarbanes Oxley at the same time is a little too difficult.

Mark said...

yeah, I saw that on the value forum then read some of a press release or something