The Illiquid Edge

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

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The Illiquid Edge

My philosophy

Jan 14 • The Illiquid Edge

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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

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2025 in Review

This year, I covered 14 companies. On average, each pick yielded a 21% return, and my portfolio was up 25%. I also share a few key takeaways from this…

Jan 6 • The Illiquid Edge

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December 2025

Jefferson Capital, Illiquid, Controlled, Overly Discounted to Peers, but Facing Tough Underlying Economics.

Part 2: A-Z through every Minnesotan company

Dec 28, 2025 • The Illiquid Edge

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Sometimes its not about the money: Overpriced acquisition offer for Unifirst is unlikely to go through.

Cintas has offered to buy UNF at 3x its intrinsic value. Yet I think a sale is very unlikely due to Succession-like family politics.

Dec 23, 2025 • The Illiquid Edge

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Amerprise Financial (AMP) is a quality compounder for the long term.

Part 1 of my series: A-Z through every Minnesota company

Dec 22, 2025 • The Illiquid Edge

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How to Bag 30-100% Returns by Hunting for Thrift Conversions. Plus a Real Example for Subscribers.

To paraphrase Peter Lynch, a thrift conversion is like buying a car for $10,000 and finding $10,000 in the glove compartment.

Dec 19, 2025 • The Illiquid Edge

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Steel Partners (SPLP) is a curious situation - Selling for 15% of its value, PE ratio of 2, P/B of 0.6, growing at 20%, but I won’t buy it.

SPLP is a very curious company. It’s the largest illiquid public stock I have ever seen. It trades at a massive discount by all measures, and yet it…

Dec 9, 2025 • The Illiquid Edge

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November 2025

$POWW a Gun-Toting E-Commerce Site, Bought By Outlaws, Then Double-Crossed by the Seller.

A wild ride in the online gun business

Nov 28, 2025 • The Illiquid Edge

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My Biggest Position - A company selling at 1.5x cash flows, with an expected 100-200% return on at-risk capital

Immediate catalyst. Lycos Energy (LYC, LCXEF) should re-rate within 3 months. Need to own by November 20th. For small accounts only.

Nov 19, 2025 • The Illiquid Edge

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October 2025

Legacy Education Appears Cheap, but Regulatory Risks are Too Significant Here, so I’ll Stay Away.

Investigating Legacy Education (LGCY)

Oct 16, 2025 • The Illiquid Edge

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