Bruce,
This is also my conclusion. In fact, ALD's accounting has been very conservative. There are numerous examples of sales of businesses for more than they were marked on the books the previous quarter. They Wyo tech sale and the Kirkland IPO are very recent examples. I really agree with you on this and this is why, while I have reduced my holdings, I have not sold out of the stock completely. I am waiting to see what a re-test of the $20 area brings - it will be the third this year and the fourth in the last two years. I'm worried that, from a TA perspective, it should fail this one, but on the other hand, the FA appears to be immaculate. So I'll probably buy at 20 with a s/l at 19.75 and go from there.
The market definately will value companies like this one in years to come, so in the long term I'd like to hold it. There's also ACAS, a similarly strong company but not quite as conservative as ALD, and GLAD, a greenlight holding, which doesn't seem to be doing too well. From what I've read, the management of these companies is fairly inbred - with ALD being the mothership, so to speak. I guess Gladstone started at ALD, left to start ACAS, and then left to start GLAD.
Well, all the best,
darryl
darryl
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