Position opened: First purchase on March 14 2002, total average cost of $2.58 USD

Position closed: Last sale on December 17 2002, total average proceeds of $4.76 USD

Hold period: 0.76 years

Rates of return: 85% (simple) and 123% (annualized)

Like many investments of my early days, this was a deep book value play. The company itself was not a retail powerhouse by any stretch, but the shares were priced as if the company was in dire straits. The financial statements told a different story – with no real debt, solid cash flow from operations, and book value north of $4.00, I reasoned that at some point, the price would have to catch up with reality. Eventually it did, and I made my exit. Later years weren’t so good to the company, as it struggled over time, and eventually filed for Chapter 11 protection.

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