48 – David Flood Interview: Dark Stock Investing

How to connect with David Flood (Elementary Value)

• Follow his work on Twitter: @ElementaryValue
• Check out his website:
  • ElementaryValue Investing Blog
• The company articles discussed in this podcast:
  • Pinelawn Cemetery (PLWN)
    • Intro Post
    • Follow-up with financials
  • Beaver Coal Co. (BVERS)
  • Network-1 Technologies (NTIP)
  • Mirriad Advertising (LON: MIRI)
    • Intro Post
    • Follow-up
  • Hemagen (HMGN) 

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Twitter Handle: @TreyHenninger

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Show Outline: Interview with David Flood of ElementaryValue.com

The full show notes for this episode are available at https://www.diyinvesting.org/Episode48

Part 1: David Flood’s Investing Process

• How have you developed as an investor over time?
• David Flood’s Investing Process:
  • Basket of Stocks (20-30+ positions – 2.5-5% each)
  • Overlooked stocks (Low liquidity, sub $10 million market cap)
  • Deep Value
  • Price charts to identify stocks at all-time lows and long-term base
• Investing in Net-Nets vs Nano-Cap Chart-based deep value
• SEC seeking to ban quotation of Dark Companies
• Wants to find and own companies no one else has written up

Part 2: Example Stocks

• Pinelawn Cemetary ($PLWN) – Dividend yield of 9-10%, nearly zero liquidity
• Beaver Coal Co. ($BVERS) – Misunderstood land company 50,000 acres diversified with coal, gas deposits, timberland, log cabins, and mobile home parks
• Network-1 Technologies ($NTIP) – A net-net with catalyst. Cash bucket patent troll.
• Mirriad Advertising (LON: $MIRI) – Video insertion tech company partnered with Tencent
• Hemagen (HMGN) – Market Cap: $155k USD. Dark since 2013.

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