The Illiquid Edge

Sportsman’s Warehouse (SPWH) is wrongly priced for bankruptcy. At 0.86x liquidation value, and 2x midcycle FCF, it is too cheap to ignore.

This is a business selling for 0.3x tangible book and 2x midcycle earnings - a very asymmetric bet.

Sep 14 • The Illiquid Edge

18

9

5

August 2026

GEE Group Inc ($JOB): Trading at 1.35x net cash with 100% upside.

Aug 31 • The Illiquid Edge

7

4

1

Final thoughts on GWOX

Best to move on for now.

Aug 22 • The Illiquid Edge

7

2

An Update on Beam Communications

Shifting language in recent filings gives cause for concern.

Aug 21 • The Illiquid Edge

9

Notes from the 2026 Goodheart-Wilcox (GWOX) annual meeting

Aug 17 • The Illiquid Edge

8

1

May 2026

Portfolio Positions May 2026

Portfolio performance has been good YTD: 22% vs the SNP's 5%. Uncorrelated to the market.

May 7 • The Illiquid Edge

20

13

5

Get Paid to Own Beam Communications

A satellite hardware company left for dead, but with a breakeven profitable business, strategic alternatives in review and selling below its cash value.

May 2 • The Illiquid Edge

11

7

1

April 2026

January 2026

Portfolio Positions Heading in to 2026

I have 10 positions, all of which I am buying for less than half of their intrinsic value

Jan 23 • The Illiquid Edge

35

16

4

My Philosophy

What is "the illiquid edge" and why do I invest in illiquid and obscure securities.

Jan 14 • The Illiquid Edge

22

5

1

5 Interesting Minnesota-Based Companies

This post is the end of my series "Looking at every Minnesota-based company A-Z."

Jan 12 • The Illiquid Edge

6

6

4