I wonder why you sold all of PBSV?
Here is my view of it:
The stock price still looks very cheap, nearly 1/3 of the market cap is cash, with practically no debt. When backing out the cash, the company is being sold for around 5x earnings. Even if there was 0 growth in the business, I think the shares at the current price would still produce an adequate rate of return. Its management has proven itself to be both highly competent and financially conservative, so the odds of them going broke I think are extremely low.
With the above having been said, I think this stock could double over the next few years as cash continues to pile up and if earnings continue to chug along.
The biggest risk I see at the moment is the fact that Puerto Rico has some very serious budget issues, and not sure if this could impact the business in terms of its favorable tax treatment, etc.
I am wondering what prompted your decision to sell off all your shares? Do you see some fundamental change in their business going on?
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