Grahamian Value Week in Review ― September 11, 2020

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“One of the essential traits of the successful ‘vulture’ value investor is instinct. One needs not just to smell the lion’s carcass from afar but to be able to imagine that the bees may have made honey inside it.”

Christopher Risso-Gill, There's Always Something to Do (pg 129)





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  • GV Longform is our long-form missive, with intermittent release. (Issue 1 | Issue 2)

  • GV Week in Review is our short-form update, with weekly release.


P&F Industries, Inc.

Pendrell Corp. and Rubicon Technology, Inc.

Universal Stainless & Alloy Products, Inc.


Grahamian Value Longform, August 17, 2020: “Headquartered in Longview, Texas, Friedman Industries, Inc., is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama and Lone Star, Texas. The Company has two reportable segments: coil products and tubular products. The coil product segment consists of the operations in Hickman and Decatur where the Company processes hot-rolled steel coils using temper mills and cut-to-length lines. The Company is in the process of replacing its temper mill and cut-to-length line at the Decatur plant with a stretcher leveler line. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe, provides pipe finishing services and distributes pipe.”

Grahamian Value Longform, September 2, 2020: “From the other side of the world, we look towards the work of David Webb for (much needed!) local guidance within the Hong Kong stock market. Mr. Webb’s contributions to the state of local intelligent investing in Hong Kong provide us with inspiration in our ongoing journey as we endeavor to navigate through the depths of Graham-inspired value around the world.”


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Harry Sauers and Shai Dardashti are co-editors of Grahamian Value and, as of the date of this communication, may individually own shares of companies mentioned herein. This communication is for informational purposes only. This is not intended to be investment advice. Seek a duly licensed professional for investment advice.