Hello, Ultimate Value readers!

I am back with a new idea today. Here are some of the takeaways:

• More suitable for small funds and personal accounts due to size and liquidity.

• Very asymmetric — trades below liquidation value (commercial real estate and cash), with the market giving zero credit to the operating business which is solidly profitable.

• Earnings are about to inflect over the next few quarters, which should lead to a re-rating of shares.

Let’s take a look.