A year ago, we questioned Eastman Kodak’s solvency, and discovered a strange world of what Donald Rumsfeld might have called “dead-enders” who believed in a pot of gold at the end of the Kodachrome rainbow despite all evidence to the contrary. One rallying cry amongst these folks was huge, multi-billion dollar patent sale that was imminent. Well, apparently, imminent meant a year later, and billions meant 525 million.
A sobering reminder- don’t invest based on the rosiest projections you can find. Insist on a wide margin of safety.
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