This article is excerpted from a letter by MOI Global instructor Jim Roumell, partner and portfolio manager of Roumell Asset Management (RAM), based in Chevy Chase, Maryland. Jim is a valued participant in The Zurich Project.
(Note: All figures in Canadian dollars)
Dundee reported a loss of $1.34 per share and NAV of $8.70 per share in the second quarter (down from $10.01 as of 3/31/18). The company is continuing to focus on repositioning its overall investment portfolio. CEO Jonathan Goodman stated that what was once a portfolio of about 100 investments is current at approximately 75 with a goal to get down to a manageable 30 in the not-to-distant future. The company has been unambiguous that everything in the portfolio is up for sale at the right price. That is, there are no sacred cows.
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Disclosure: The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients, and the reader should not assume that investments in the securities identified and discussed were or will be profitable.
About The Author: Jim Roumell
Jim Roumell entered the securities industry in 1986. Before founding the firm in 1998, he was a Registered Principal at Raymond James Financial Services, Inc. Mr. Roumell is a frequent contributor to Manual of Ideas Global and has been featured in such publications as Barron’s, Kiplinger’s, Value Investor Insight, Financial Planning Magazine, and The Washington Post. He is listed and quoted in “The Art of Value Investing: How the World’s Best Investors Beat the Market.” Mr. Roumell was selected to participate in, and won, two consecutive Wall Street Journal stock picking contests in 2001 and 2002. He is a Board Member and Chairman of the Investment Committee of Wayne State University Foundation. He is also a Board Member and serves on the Investment Committee of Amalgamated Casualty Insurance Company. Mr. Roumell is a graduate of Wayne State University in Detroit, Michigan.
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