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hi I'm Howard Winston from Cincinnati Ohio first I wanted to thank you and your chart you and Charlie for your sharing your time with us today my question is you've repeatedly said that you see many wonderful stock ideas but can't invest because they're too small given that many in the audience today have a lower dollar investment threshold do these stocks have names well the answer to that is that we don't look anymore dead we we assume that there are a reasonable of opera number of opportunities as you work with smaller amounts of capital because it's always been true I mean it was over the years as I looked at things clearly you run into companies that are less followed as you get smaller and and there's more chances for inefficiency when you're dealing with something where you can buy a hundred thousand dollars worth of it in a month rather than a hundred million but that is not because I'm carrying around in my head the names of 25 companies that we could put a hundred thousand and I just don't look at that at that universe anymore I sometimes people send me annual reports or get letters from managers and they they say well you know I've got this wonderful thing in it I look I usually know ahead of time but I mean though I would first look at the size and if the sizes and isn't right and it isn't going to be virtually any time I don't I don't look any further it's because that there's just no time to be looking at that and all kinds of smaller opportunities I do think I do think if you're working with very small amounts of money that that they're almost always or some significant inefficiency someplace to find things that I've mentioned to some people when I started out I actually went through the all of the Moody's manuals and the standard course manuals are page by page and and you know it's probably 20,000 pages but but there were a lot of things that popped out and none of them were in any brokerage report or any sort they were just plain overlooked and you had this you could you could find out about him but nobody was going to tell you about him and my guess is that that continues to be true but not on anything like the scale it was then Charlie well I could remember when you bought one membership in some duck club that had oil and hunger at when you were young duck club membership while you're really scavenging for cigar buds yeah but not a bad cigar but there were 98 shares outstanding it was the Dell deduct Club and the the Delta I've got Club was founded by a hundred guys who put in 50 bucks each except two fellows didn't pay so they were only 98 shares outstanding they bought a piece of land down and Louisiana and one time somebody shot downward instead of upward and oil and gas started spewing forth out of the ground so they renamed it Atlit which is Delta spelled backwards which was sort of illustrated the sophistication of this group and and a few years later they were taking about $3 a barrel oil they were taking about a million dollars a year and royalties out of the place and the stock was selling at 29,000 dollars a share and it was earning $10,000 this year no I was earning about turning about $7,000 a share after tax about 11,000 pre-tax and I had about 20,000 the share in cash and it was a long-lived field some and I use that sometimes as an example of efficient markets because somebody called me and offered me a share of it and those things that you know is is that an efficient market or not you know 29,000 420 thousand of cash plus 11,000 a royalty income and 25 cent gas and $3 oil I don't think so you can find things out there I'll give you a hunting rights and all my duck clubs in the future you
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