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It's just unsustainable, completely unsustainable... you can not borrow money to increase a shareholder deficit... they're extracting wealth from their owners and they're doing it using leverage,”
Ligand is only one market correction away from collapse which will leave investors and employees defenseless."
...they [Geospace] have a highly diversified business now... the business is extremely sound... there's an enormous margin of safety... I think we're right, I think we'll be proven right and I think the return will be tremendous..."
Since making these comments, Geospace Technologies shares have risen nearly 54 percent (vs.12 percent for the S&P 500 Total Returns Index) and have recently hit a new 52-week high.Fig. 2: Geospace Technologies stock Price Performance vs. The S&P 500 TRI:December 28, 2018 - February 21, 2019
NOTICE AND DISCLAIMER:
Lemelson Capital is long shares of Geospace Technologies for its clients.
This information presented expresses the views of the General Partner as of the date indicated and such views are subject to change without notice. The General Partner has no duty or obligation to update the information contained herein. Certain information contained herein concerning economic trends and performance is based on or derived from information provided by independent third-party sources. The General Partner believes that the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based.
This material is not intended to constitute legal, tax, accounting or investment advice. Prospective investors should consult their own advisors about such matters. The performance data included represents the net performance of The Amvona Fund, LP, a Delaware limited partnership (the “Fund”), and reflects the deduction of all Fund level expenses, including without limitation brokerage and other transaction costs, as well as legal, audit, administration and other expenses. The performance presented does not represent the return of any individual investor. An individual's net return may differ significantly from the net performance as stated herein due to differences in fee arrangements, and timing of investment. In fact, net returns shown herein may be significantly higher than an investor's actual return. Performance includes the reinvestment of all dividends, interest, and other income. Performance presented from January 2015 to the present represents a hypothetical investor in the Fund whose capital account has been charged (i) a quarterly asset management fee of 0.25%, payable in advance; (ii) a quarterly performance allocation of 25%, subject to a high-water mark and a 6% annualized hurdle rate. Net performance from the Fund’s inception to December 2014 is calculated using the average management fee and average performance allocation calculated among the capital accounts of all Fund investors except for Lemelson Capital Management, LLC, a Massachusetts limited liability company (the “General Partner”), and its affiliates. Results compared to the S&P 500 Total Return Index (the “Index”) are for informational purposes only. The Fund's investment program does not mirror the Index and the volatility of the Fund's investment program may be materially different from the volatility of the Index. In addition, the Fund invests in a different mix of securities and sectors than the Index, which may cause the difference in performance between the Fund and the Index. You cannot invest directly in an index. Past performance is not necessarily indicative of future results. All investments involve risk, including the potential loss of principal.
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