Lorne Steinberg Nippon Antenna 6930-JP TOP PICK Feb 08, 2012

(A Top Pick Feb 8/12. Down 13.22%.) (Japanese Exchange.)

This profitable specialty company that makes antennas, is not just trading at around 10X earnings with a 3.2% dividend yield, but is truly trading for less than its net cash. If they shut it down today and just distributed the cash and gave the company a way, you would still have a profit.

(A Top Pick Nov 4/14. Down 11.44%.) A leader in antennas. Has no debt and pays a 3.7% dividend. The market cap is less than the net cash after subtracting all liabilities.

This makes antennas, but at all different technology levels for communication. They have no debt. The share price is less than the amount of cash they have on the balance sheet. Therefore, you are buying the cash at a discount and getting an entire profitable free cash flowing, 3.7% dividend paying company for free.

This is one of those crazy Japanese value stories, where the cash and Accounts Receivable are greater than the entire share price. They have no debt. (See Top Picks.)

(A Top Pick Sep. 7/17, Up 36%) It is an incredibly cheap Japanese business. The company has rebounded. He looks for it to be a double over the next 5 years.

(A Top Pick September 7/17 Up 42 %) This is trading for less than the cash value of the company. If you can withstand the volatility the return will eventually be large. To access this you have to trade through someone who trades the Tokyo exchange.

He exited his small-cap Japanese positions, including this one, a number of years ago. Reason was stocks had a big rally, so he sold and redeployed the proceeds.

Under a lot of pressure. Earnings became losses. Selling at a steep discount to tangible book value. He still follows and pays attention, because if the discount got wide enough he'd be there again.