Grahamian Value Classic
Grahamian Value Classic is a collection of United States-based, listed companies identified through weekly stock screens, with the following criteria in place:
• Current market capitalization below net current asset value (defined as current assets less total liabilities and preferred stock)
• Listed on a major U.S. exchange
• Headquartered and operating primarily in the United States
• Has operating revenues
• Comfortable with off-balance sheet liabilities
Grahamian Value Select
Grahamian Value Select is a collection of asset-rich companies that fly below the radar of traditional screeners and stock selection techniques. Importantly, the sourcing process of the Grahamian Value Select leans heavily on the triangulation of behavior and portfolio positioning of a select group of Graham-inspired organizations and professionals who the co-editors believe exhibit particular talent, integrity, and aligned incentives.
• In our monitoring of material developments in Gate City’s SEC filings, as well as the firm’s broader public footprint, we’ve identified AMREP Corporation as a situation deserving attention.
• The co-editors believe Geospace Technologies Corporation is an intriguing situation with a balance sheet-driven thesis and reasonable triangulation among individuals whose investment philosophies and reasoning we particularly respect. We have taken notice of a number of investors with a long track record of success within the seismic data space of the broader oil and gas industry. Chief among them is Bob Robotti, chairman of Pulse Seismic (and also on the board of AMREP). Gate City Capital, additionally, has a material (but shrinking) stake in Dawson Geophysical Company.