Anodyne
Thursday, March 28, 2019
 
 
Plecasaurus

[Original tweet deleted, b/c Plecas fixed the issue in question quickly & decisively.  Full credit where due, & etc.]
- posted by cjb @ 6:48 PM
Sunday, March 24, 2019
 
A Note from Urbana Corporation to Anodyne Capital

(via Blackberry)

"Thank you for your note. The primary impact on asset value last year was the the significant decline in Real Matters and the Bombay Stock Exchange. Both suffered 50pc plus declines shortly after becoming publicly traded companies. The 2018 asset price decline was our first in six years and not widely out of line with similar entities. Urbana's long term asset per share growth remains over 14 pc.

Also the December market decline in our liquid holdings did not help, but we had made some previous sales and paid off our loan prior to that market debacle. We have since recouped somewhat with our asset value per share up 4.6pc since Dec 31 [through] Feb 28.

The asset/share price gap is in part a reflection of smaller companies suffering more during market declines and a large seller currently in the market (people rarely sell on the way up).

We have been massive buyers of our own shares (approx 50 pc over the years) and do not have any philosophical objection to doing so in the future. Timing, however, is everything. We must maintain a balance between liquid and illiquid holdings and at present we must build our liquidity before buy backs. The discount will be there at some level in the future and, when appropriate, we will recommence buy backs.

I hope this is helpful. Please feel free to call me or email at any time."
- posted by cjb @ 8:40 PM
 
Vanilla is the Finest of the Flavors

Life is a Rock (But the Radio Rolled Me), 1974  --> The $1,000,000 Menu Song, 1989 --> One Week, 1989

(Amateur original sonic archeology)
- posted by cjb @ 8:30 PM
Saturday, March 23, 2019
 



- posted by cjb @ 10:27 PM
Monday, March 18, 2019
 
An Open Letter to Urbana Corporation from Anodyne Inc.

To whom it may concern,

These questions are intended for your Investor Relations contact, Elizabeth Naumovski, but I would be happy to receive a response from anyone in the organization.

I am a long-term Urbana shareholder concerned by the fund's 50+% divergence from net asset value.  This divergence has sharply increased over the last 12 months.

If management actually wants to maximize shareholder value, such a massive divergence from NAV implies that management should be buying back stock as quickly as possible.

When will share buybacks resume? 

If management does not plan to resume share buybacks, what other steps will management take to demonstrate that their priorities are properly aligned with those of shareholders, as opposed to simply collecting management fees?

I would appreciate a detailed reply to my concerns, as would many other shareholders.

Sincerely,

Christopher Brayshaw
Anodyne Capital
Vancouver, BC
- posted by cjb @ 10:34 PM
Sunday, March 03, 2019
 

If you could see my thoughts you would see our faces
- posted by cjb @ 7:17 PM
Friday, March 01, 2019
 

"Obsessiveness—that was another trait he came to think of as peculiar to himself. His mind had no temperate zone: he was either possessed by a subject or not interested in it at all. There was an obvious downside to this quality—he had more trouble than most faking interest in other people’s concerns and hobbies, for instance—but an upside, too. Even as a small child he had a fantastic ability to focus and learn, with or without teachers. When it synched with his interests, school came easy for him—so easy that, as an undergraduate at U.C.L.A., he could flip back and forth between English and economics and pick up enough pre-medical training on the side to get himself admitted to the best medical schools in the country. He attributed his unusual powers of concentration to his lack of interest in human interaction, and his lack of interest in human interaction . . . well, he was able to argue that basically everything that happened was caused, one way or the other, by his fake left eye."
- posted by cjb @ 9:05 AM

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