The Illiquid Edge

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

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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

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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

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My Philosophy

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

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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