Zeev's Turnips Patch-No Politics (ZEEV)

[langostino]

not true zeev

over what representative full cycle do you show cash flow suggesting SSTI grows its book value by "pretty close to $1/share yearly"?

It's a classic error to take peak earnings or cash flow in a highly and deeply cyclical manufacturing business and then extrapolate.

Net/net through full cycle these guys are producing negligible net cash. That $263 mm in cash and ST investments that you point out is, ironically, almost exactly equal to the $258 mm secondary they issued a four years ago.