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