Portfolio update 3/1/26 $NC - 25% $ODC - 20% $IESC - 15% $HKHC - 10% $CXDO - 10% $TRNS - 5% $LFCR - 5% $FRMO - 5% $RCG - 1% $ORRCF ~ 1% $ACNT ~ 1% $BRK.B ~1%

This one smells great. Keesangaara Little Fairy ( Papilionanda Paksorn Fragrance × Wuttiphanara Manoonya.)

One of my favorites. CATTLEYA HIBRIDA C. venosa (harissoniana trilabelo x forbesii).

$JCTC -- 13D filing last month -- Bradley family (Adam Bradley, Melinda Bradley, AJB Investment Fund II, LP, and AJB Capital, LLC) collectively owns 287,066 shares (8.2% of the company). Market cap $6.4 million at $1.83/share (3.52M shares outstanding). EV $10.2 million. Book value per share $4.43 (P/B 0.42x). TTM revenue $42.2 million, net income -$8.1 million (EPS -$2.30), bank indebtedness of $4.3 million, cash of $0.55 million. Terry Schumacher, former CFO (’07-’09) of $JCTC, arrives at a $7.00 per share liquidation value. He writes about the company on Substack — substack.com/home/post/p-200… Founded in 1953. Headquartered in North Plains, Oregon. They manufacture and distribute pet, fencing, and other specialty products.

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I love when I find a quirky business. One such is $JBSS - They are one of the leaders in selling nuts and bars in US. Reason I find this business interesting is $JBSS runs with 15% ROIC for last 10 years and 20% in most years. Now you might wonder how can something like an agro-commodity business produce such high capital returns? They run mostly on 5-8% EBIT margins but their asset turnover is abnormally high -2x . A big reason for this performance is that JBSS is one of the few vertically integrated nut company that directly buys from growers and not from the open market and shelling the nuts themselves. Interesting case of a solid business with fantastic capital returns. The valuation needs to be looked at but apart from that this is an easy pick. But someone needs to just do that work

Up 15% today 👀

Thank you all for staying out of this one so I can actually make money $ODC 🚀

The brown chalk stripe from Zegna will be a 6x1 double-breasted. Khaki performance linen from Reda will be single-breasted.

Just keep ignoring $ODC as it compounds.

Just ordered two new suits from Pete’s fashion trunk show. Very excited. I got a suit from them when I was in Hong Kong over a decade ago, and it still does me well.

BREAKING: President Trump says the Trump Administration might buy equity stakes in US AI companies and that he will host a meeting with AI executives as soon as next week, per Reuters.

Just own mining stocks with little exposure to commodity prices. $ODC & $NC

$ODC with a 9.8% #DividendIncrease; this is their 23rd consecutive annual hike

Mostly $IESC, $ODC and $NC

Seems like $ODC is the new compounder.

$FRMO call says $WELX sensors could be useful in datacenters 👀. “There are even strategic opportunities for them, perhaps even in data centers, because data centers have a need to monitor constantly and remotely moisture content of the air, stuff like that, temperature.”

$PCYO has a water rights portfolio worth roughly $390 million. The market is pricing that at -$79 million. Our base case NAV is 3x the current stock price (more below)

$MSTR - MICROSTRATEGY SELLS 32 BTC FOR $2.5M AT AVERAGE OF $77.135M: FILING

*BERKSHIRE TO ACQUIRE TAYLOR MORRISON FOR $72.50 A SHARE IN CASH