This is the digital camera business, a growth business and not paying a dividend. He found that he couldn’t forecast what they were doing, so sold his holdings 3-4 months ago. Have been a long time without a permanent CFO which bothers him a little. On the expensive side.

Had a conference call on Wednesday night. Doing an excellent job. A growth by acquisition story in the US. The latest acquisition will get the value down to around $1.50, which is roughly where it should be. He trimmed some of his holdings at $1.98. At around $1.50, you could pick away at this. The space is so volatile that you don’t really need to chase it. There is still a long ways to go on this one.

If you do an asset value, you get a vote $8 on it. He owns the fixed income on this. It is moving nicely. Nickel prices have finally rebounded this week. Ambatovy just achieved 90 and 90, meaning running at 90% capacity of the mine for 90 days. That is a big deal, and costs came down. If they can keep that going and costs come down a bit further, the stock probably goes into the mid-$3.

He doesn’t own the stock, because he can’t tell what the earnings are going to be. Calls it a “black box”. He tends not to own these types of companies.

Did some trimming at $2.50. This is a story that could be $10. They have a drug that treats liver cirrhosis, which could be a complete home run. Also, have a plasma treatment plant in Québec. However, the company does not have much in the way of earnings yet. There is nothing wrong with this and it can possibly go to $3-$3.50.

Enbridge (ENB-T), the parent, is dropping assets down into this. Usually in these cases, he prefers the parent. Did a big drop-down lately which has been a big positive for them. It is fine; he just prefers to own the parent.

(Market Call Minute.) It has been a Sell for a long time and he hasn’t liked it, but down here it would be a Hold.