Just a quick note: I added to my positions in Corning (GLW) and Sprott Resource Lending (SILU) today, in both cases because the prices have come down a little bit.
Corning continues to seem to me like the big “old industrial tech” company that doesn’t get enough respect, with folks frightened about what a slowdown in US demand for big screen TVs will mean for their future results — but they’re executing well, consistently invest in innovation, and they’re trading for less than 10X earnings (trailing or estimated — analysts see no growth to speak of this year) with no net debt. I think this will continue to be a great company for a long time, and who knows, maybe the Gorilla Glass story will turn into the huge business they foresee (getting into TVs as well as smart phones and tablets) … if that happens when fiber optic demand is still high, or their R&D produces more winners, they could be far more of a growth story than they’re given credit for. I liked it better in the teens when I first entered my position, but now that it’s fallen to about $20 from recent highs I’m comfortable adding to it on valuation.
And Sprott Resource Lending you should know fairly well, it was my idea of the month for February and this is my second buy since then, just building a position while the shares are, in my opinion, pretty inexpensive relative to how I think they’ll trade in a year with some dividends and dividend growth under their belt.
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