I beg to differ on that definition of a value microcap. You could have value in several ways besides trailing p/e.
You could certainly have value as an asset play, as when a company is selling below net tangible assets (NTA), for instance. I and others invested using this strategy in early 2003 with Mpower for instance (now MPE) ... it was trading at 15 cents and had over 1.00 in NTA; a few months thereafter it was trading over 1.00.
You could have value when trading below NTA while incurring losses, like with TETY, IF the company presents a very favorable risk/reward ratio, and i think this is the case with TETY. Suppose you invest in 10 different companies, each presenting a speculative situation, looking at risk/reward ratio with 5:1 odds of going bust, but a 1:10 chance of striking oil to the tune of becoming an easy 20 bagger (based on whatever analysis you use). Now consider the probable odds: if 8 go bust and 2 become 20 baggers, that's a damn good value situation. Kapeesh?
P.S. - the same guy that found Mpower at .20 also recently dug up TETY, as well as DNO a few months back at 30 (sorry Cartonet, it wasn't you).
