Louis Basenese, The Most Expensive Investing Book, and a couple Teased “Secret” Stocks

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The folks at Wall Street Daily are very active in trying to build up their subscriber lists — and Louis Basenese, who writes the WSD Insider newsletter as well as the more small-cap focused MicroCap Tech Trader, has made a couple of hot picks over the last year or so that have gone up abruptly (some have also come back down), so he tends to get a lot of attention from Gumshoe readers who enjoyed some profit from his teasing of Parametric Sound (PAMT) or Unipixel (UNXL) or, more recently, of ImageWare Systems (IWSY).

I’ve never owned any of those three myself, his picks that get aggressively teased in promos tend to be very speculative looking (at least to me) plays on a projected future based on some proprietary technology. That’s heady stuff, and it sometimes works out, but going into it unless you understand the marketplace and the company very well is undoubtedly risky. I take risks with my investments, but when the level of uncertainty makes me queasy I stay away or, if I’m unable to resist the temptation, I only gamble with very small amounts of cash.

Since everything sounds good in the teaser pitch for a newsletter (otherwise, well, those copywriters would be out of a job), I prefer most of the time to wait out ideas and see if I like the stock some day later on, when I’ve forgotten the promises of the newsletter tease and can just assess the company on its own merits. Of course, I make lots of mistakes, I can’t (because of both my trading rules and my personality) be a rapid trader, and I can’t own even every stock that looks appealing without completely diluting my portfolio (I own too many stocks as it is) … so I’ll miss a lot of hot rides. That’s OK. I’d rather write about these stocks for you than try to trade every one of ‘em.

But I know that there are a great many of you who delight in trading the stocks that are so actively pitched by the newsletters — some of these letters, after all, have tens of thousands of paying subscribers who can turn an unknown stock into a highly liquid barnburner … at least for a little while (though sometimes the ride ends abruptly), and sometimes those little speculative tech stocks do become “real” companies that generate profits and grow. So we like to get the names of those stocks out there so you can evaluate them for yourself.

I’ve got a couple names for you down below that seem to be getting teased now for his MicroCap letter … but first, the latest pitch from Basenese’s WSD Insider is not for a stock but for a book. What is it?

I’ve been getting a lot of questions about Basenese’s tease today for “one of the most expensive books on earth” — he’s promoting his WSD Insider subscription by promising to send you his crib sheet version of this famous investing book, a book that “normal” folks really cannot buy. Here’s how he describes it:

“This is easily the most intriguing column I’ve written all year.

“It’s about one of the most expensive books on Earth.

“The book reveals a way to accomplish the impossible, which explains why Wall Street has been accused of burning as many of these books as it can.

“It also helps explain why this book sells for as much as $2,500.

“You won’t believe how I just found a copy.”

Enough hyperbole? No? OK, here’s a bit more from Louis:

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“Analysts, money managers, hedge fund managers… you name it! They’ve all put the book through the ringer.

“Every word analyzed.

“Every sentence interpreted.

“Every number verified. And then re-verified.

“Studies have even been done by prestigious academic institutions.

“And guess what?

“Everything checks out.

“It’s the most brilliant piece of non-fiction literary work over the last 100 years.

“By following the author’s very simple principles in the book, you can always…

“Buy low. Sell high….

“It’s easily the most coveted investment book in history.

“The book could easily turn you into a millionaire inside of a year.

“It definitely changed my life.

“And I want it to change yours, too.”

Sound exciting? Well, what he’s almost undoubtedly talking about is Seth Klarman’s Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor. This book was published in 1991 and generated very little attention at the time, but since Seth Klarman has been an extremely successful hedge fund manager (he runs the Baupost Group) for something like 30 years now, and because his returns have been so tremendous even as he focuses on risk avoidance and value investing and not using leverage or making risky bets, he is thought of in some corners as a worthy successor to Warren Buffett in the world of Ben Graham value-investing acolytes. And he’s made a ton of money for his investors, mostly big endowments and a few wealthy families. Here’s a nice little profile of him from The Economist last year. He’s also pretty reclusive as far as big-name hedgies go, he doesn’t speak at conferences all the time or argue with other hedge fund managers on CNBC and it’s not as easy as it is with some managers to get ahold of many of his annual investor letters, so perhaps that lends his published words a bit more gravitas.

It’s a good book, I think. It’s worth reading if you can get your hands on a copy (there are still 100 or so libraries that own it, though it’s one of the most-stolen library books thanks to its huge cost, and there are plenty of illegal PDF copies circulating in the investing community), but it’s not revolutionary … and unless you’ve never read up on or thought about value investing or fundamental analysis it’s unlikely to completely change the way you manage your money. It’s not going to turn you into a millionaire with some secret strategy, it’s just going to provide a good perspective on value investing, on Seth Klarman’s particular value philosophy and the process he used (and may still use, I don’t know) to find and choose attractive investments, and some more specific chatter about a few items that were high on investor interest lists back then, like junk bonds and thrift conversions. Seth Klarman didn’t get his success by slavishly following the ideas of Benjamin Graham or Michael Price (one of his early mentors, a great mutual fund manager), and you and I are not going to find success by slavishly following Seth Klarman — value investing success is about hard work, patience, access to capital, a mindset that gives you both stubbornness and flexibility at different times, and — dare I say it — luck, connections, and timing.

If reading this book or reading any of the other great value investing books or writers helps to change your mindset or focus you on the long run, on fundamentals, on patience and not worrying too much about the whims of the market day to day then it will be valuable for you — but it’s not because the book is full of unusually excellent insights or secrets.

I’ve read much of the book, but there’s no way on earth I would pay $2,500 for the privilege — and if it ever gets reprinted, the allure would disappear instantly and it would probably be worth $50 or whatever other good used investment books are going for these days. It wouldn’t surprise me if Klarman, who scoffs at speculative investments like collectibles in the book, enjoys a good laugh at the ridiculousness of people spending this kind of money to get a copy of his 22-year-old tome. It’s hugely expensive because it’s rare and has never been reprinted, but more importantly because there are lots of multi-millionaires who like to have it on their shelf when a client comes in to ask them about their value investing credentials, or who genuinely want to read it, and if you’ve got Seth Klarman money then ponying up a couple thousand dollars for a copy of Seth Klarman’s book is not going to dent your wallet. The difference between $25 and $2,500 for these folks is pretty negligible, and I’d guess that many of the people who can easily spend $2,500 to buy a copy don’t have the time or inclination to actually read it.

I’ve never thought of Louis Basenese as a value investor at all — he’s usually touting the next great technology or breakthrough stock these days, and speculating about future growth from transformational products, not things Klarman likes to do at all. Klarman carefully differentiates between investors, who are committing capital with the expectation of cash generation by the enterprise that will benefit them, and speculators, who are betting that someone will want to pay more for a stock than it’s currently worth. I like what I’ve read of the book, and I’d be happy to write more about it in the future if folks are curious, but if you’ve read Graham’s Intelligent Investor or many of Warren Buffett’s annual letters, both of which are much more accessible “must reading” for value investors, you’re probably going to consider this a good and useful book but not a shockingly exciting book that reveals investing secrets. If you don’t like deep value investing or the analysis of past market irrationalities, the book will put you to sleep.

Here’s a quote from the book that caught my eye as I was skimming it today:

“Many unsuccessful investors regard the stock market as a way to make money without working rather than as a way to invest capital in order to earn a decent return. Anyone would enjoy a quick and easy profit, and the prospect of an effortless gain incites greed in investors. Greed leads many investors to seek shortcuts to investment success. Rather than allowing returns to compound over time, they attempt to turn quick profits by acting on hot tips. They do not stop to consider how the tipster could possibly be in possession of valuable information that is not illegally obtained or why, if it is so valuable, it is being made available to them. Greed also manifests itself as undue optimism or, more subtly, as complacency in the face of bad news. Finally greed can cause investors to shift their focus away from the achievement of long-term investment goals in favor of short-term speculation.”

So … with that in mind and with tongue in cheek, what are some of the recent “hot tips” that Louis Basenese has been touting for his other newsletter?

I pulled some clues from a recent ad so we can toss a couple of ‘em out there for you today:

“Authorized by Louis… Another tiny company just figured out how to harness a force that’s a BILLION times stronger than gravity! The technology is being aggressively sought-after by the biggest energy players in the world. Even better, news of two key commercial partnerships is expected to hit before the end of the year. Louis just prepared a special report detailing everything, including the company’s ticker symbol.”

OK, so I definitely can’t tell you for certain who he’s teasing there, so we’ll leave the Thinkolator out in the garage — but I can use my plain old Gumshoe noggin to guess — and I’d guess that he’s teasing Clearsign Combustion (CLIR), a little $75-million company that is trying to commercialize a new combustion technology, primarily for power generation (burning fuels more cleanly, which is a big deal both economically and environmentally).

That’s a wild guess, and I don’t know the company well — but I know Basenese was hot on it last year (he posted a longish article on SeekingAlpha about it here, getting into debates with some short-sellers), and it does match the “billion times stronger than gravity” clue and the connection to the energy industry — their combustion uses electrostatic forces to control the flame. Electrostatic forces are billions of times stronger than gravity, though I don’t know why that’s particularly important in this case. You can see their technology described here.

Like many of the stocks he picks, this is based on technology that will have to be commercialized and their intellectual property licensed to become a large player in their industry — they don’t have any revenue, so their value, whatever it may be, lies in proving the technology and getting partnerships or customers. I can’t speak intelligently about Clearsign without becoming a lot more informed about it than I am now, and given the highly promotional nature of their investor relations and the ongoing long/short/scam/breakthrough debate this doesn’t pass my initial interest test to dig into it so you can take this one on your own … enjoy!

And here’s another for you to think about:

“Authorized by Louis… Yet another $2 company just quietly solved hospitals’ most common surgical error. Its solution is now a staple in 135 hospitals, with 71 more ready to sign a deal. Shares are destined for an aggressive move higher in the coming weeks. Louis just prepared a special report detailing everything, including the company’s ticker symbol.”

Well, I don’t have a “special report” for you, but I just prepared a couple paragraphs detailing very little, here they are:

The “most common surgical error” they’re talking about is, unfortunately, not the bizarre headline-generating “operating on the wrong side of the body” for which the solution is, “get a Sharpie, and pay attention dammit, his left leg is fine!” — this one is about the presumably far more common error of leaving something inside the body. In this case, surgical sponges.

And what’s the solution? Sponges that are tagged with a machine-readable code. You (well, presumably one of the nurses or assistants) have to scan them as you put them in, using a little device, so you know exactly how many sponges have to be accounted for before you close up the incision. The company, says the Thinkolator, is Patient Safety Technologies (PSTX, trades over the counter). Their product is called the Surgicount system, and it sounds like they give new customers a scanner and then sell them the barcoded sponges and towels that are used in surgery — the distributor, Cardinal Health, is a substantial shareholder in PSTX and reportedly gets a 20% commission on sales, as is the Chinese manufacturer of the sponges, A Plus International, whose head is also on PSTX’s board.

This is also a tiny company, market cap around $80 million, and they are unprofitable — though there’s a long analysis of the stock from a Seeking Alpha contributor that argues they’re now past break-even on cash flow and are an appealing buy (they have to depreciate the scanners and patents, which shows up on the income statement but not on cash flow). I haven’t checked that or read their filings, just confirmed that this is very likely the stock Basenese is teasing — though the copywriters may be using some old writeups of his, they did have 135 hospitals on their customer list about 18 months ago but that number has more than doubled now to over 300.

They have high gross margins, it’s still generally a low cost product (the company presentation says that retained sponges cost an average of $51.63 per procedure, mostly because of legal costs of the 1 in 8,000 surgeries that results in a retained sponge, so it must cost less than that to use their products), and there are competitors in the marketplace who have sponge-counting and sponge-tracking systems. PSTX claims to have a jump on the competitors, and they do have a decent customer base and those manufacturer and distributor relationships, but I have no idea whether or not their patents on this barcoding system will give them any kind of competitive advantage if some big player like Becton Dickinson decides to get into this little segment of the market. Presumably there are several effective ways to keep track of sponges, but I don’t know if there will be massive competition or damaging price competition in this space.

So … it’s a small company with small scale, they had 150 customers in the first quarter of 2012 and recorded about $17 million in revenue for that year. Part of that is new customers stocking up and the addition of more than 100 new customers during that year, but that’s somewhere between $50-100,000 in revenue per customer per year. They’re close to break-even now and do claim an operating cash profit, so if they’re able to ramp up sales substantially by pulling new customers on board you can paint a picture that has them generating nice cash flow over the next few years — don’t know if it will happen, but it’s feasible based on their current numbers. A near-40% gross margin for a company that’s not operating its own manufacturing plants or running its own distribution should be something they can maintain, I imagine, and I guess the biggest question about their other costs is how much it will cost to increase sales in terms of maintaining a sales force that’s knocking on doors at hospitals, and how much sales can increase organically if Cardinal Health is helping to market their offering (I don’t know). At this point it’s really about growing the customer base and growing sales. If you think they can do that, it might work out well — if you don’t think they can, you won’t like this one. Their latest investment conference presentation, which you can check out here, says they posted 53% sales growth in the first quarter of 2013 on a growth in the customer base of 89%.

In order to be trading at something rational-sounding like, say, 25 times earnings (I just made that up), they’d have to have sales of a bit over $30 million at the current rate (that’s assuming operating expenses are still around $10 million, gross margin still around 40%) to bring in a profit of about $3 million (and thus a PE of about 25 for an $80 million company). If the sales per customer stay in that $50-100,000 range, that means something like 150-200 new customers.

So you can’t really value it based on earnings at this point, but they are at least not burning through cash and they do seem to have a viable small business — whether it grows enough to make you want to value it as an $80 million company is a question you’d have to answer for yourself.

So there you have it, two more ideas that look like matches for some clues thrown out by the WSD Insider folks — tiny, technology-based, looking to change the way a business operates, and obviously risky. I can’t imagine Seth Klarman buying either of these, given his bedrock commitment to preservation of capital, but it might well be that a couple thousand dollars put into either one could be worth more in a decade than a copy of Klarman’s book, you never know. If you like the looks of one or the other (or if you wouldn’t touch ‘em with a 10-foot pole), let us know with a comment below.

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30 Responses to Louis Basenese, The Most Expensive Investing Book, and a couple Teased “Secret” Stocks


  1. what can I say, OLD book, OLD Value’s. even HE can’t and still can’t see the future , back then , NOR now. People are idiots .

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  2. I have looked at some of the info on Louis Basenese in the past. I am not on board with him as I am not interested in his recommendations. In my opinion, a used book on Buffet and his strategy will give one similar info for about $5.00. I also do not believe that any book is worth the price quoted for the one Basenese touts.

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  3. As I look at my bookshelves, and see my copy of “The Intelligent Investor,” by Benjamin Graham, that I got free from my father in law when he was moving, I wonder who would pay $2,500 for a book on investing advice. Sounds silly, and I’m sure one could find the text online without too much trouble.

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  4. I had been a brief subscriber to Mr. Basenese’s newsletter until I became sick of the constant hyperbole and obtained a refund. All this clown wants to do is sell some type of gimmick and promise you the moon.

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  5. A machine-readable code to keep track of the sponge count… isn’t that what the surgical resident’s fingers and toes are for? That’s one of the dumbest market niches I’ve ever heard of, and I’ve scoffed at plenty that proved profitable.

    Anyway, two clicks from the big G’s search results took me here:
    http://www.my10000dollars.com/MS.pdf

    Woo! I just saved $2,500!!! How many machine-readable surgical sponges will that buy?

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    • You beat me to it Soksniffer, now all of us can save that $2,500. Lou’s blues are ringing in the background.

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      • Yes! I did the exact same steps and found it. I’d just like t know everyone’s thoughts on the validty of this pdf? And how come Basenese or others couldn’t bother 10 seconds of research to find the book online?

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        • I’m quite sure Lou and his gang could find the pirated copies as well as anyone else — but you can’t sell or distribute a pirated copy without running afoul of copyright law. Who knows, maybe his Cliff’s Notes version would be useful to some — not my cuppa tea, I’d rather read the actual text and I think committing time and thought to reading makes it more likely that you’ll be thoughtful about the value investing philosophy he espouses. But there’s certainly nothing magical about the book and lots of folks don’t enjoy reading a couple hundred pages of investment blather.

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    • Oh, but you’re wrong, there. I’m a nurse, and I can tell you that the surgical resident is easily the biggest idiot in the room. You don’t want him to count ANYTHING. It’s the CIRCULATING RN that counts the sponges, with a scrub tech. They are HUMAN, and THAT is why they make mistakes. Ergo the number of sponges left inside patients nationwide. The scanner is a GREAT idea. Wish I had come up with it myself…..

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  6. Seth Klarman has a stellar reputation. I’m very pleased Klarman’s Baupost took a big position in one of my shareholdings, Chipmos (ticker IMOS),mainly a Taiwanese chip-testing firm , that makes oodles of FCF( 4 X next year FCF),healthy eps, started paying dividend (although small) and is restructuring as their main listing will revert from the US to the Taiwanese stockmarket. Expect a double from today’s prices (16USD). And so thinks Seth Klarman!

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  7. After reading the Sept. 25th article in Seeking Alpha about CLIR I can only deduce it is a pump and dump. One of the most important clues is the Frankenstein correlation i.e. mix electricity with an old tale and voila, you have a miracle. The second clue is all the non-information about world pollution and energy solutions and nothing much about the company. The third clue is all the shenanigans with the company officers, legal and otherwise, and the late stage associations with “notable” people and organizations i.e. name dropping.

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  8. I am an engineer in O&G and we are looking for some new technology like CLIR. After browsing on their web site, it sounds very interesting. However, I am concern whether they are selling anything. I could not find any information. Does anybody know their sales or income? Beside before capturing the technology sales for gas and oil fired heaters, they are moving to research on coal fire which is lot more complicated uncommon nowadays. This tells me that they are more interested in R&D rather than making money to share holders. Also do they have any patents for their technology? If not, I believe that it is a pump and dump. But after being on wall street with current price at $8, it’s hard to believe it is a pump and dump!

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  9. Striving to be thorough and FAIR in any appraisal of a stock or analyst I clicked on the link Travis provided where Louis defended his pick of Clear Sign Combustion CLIR against “short sellers” and I thought he did a very good job of bringing out facts superficial readers might have missed. Even though I have defended the Oxford Club on numerous occasions I am not a fan of this particular analyst, he tends to raise the HYPE meter to an irritating level.
    That being said, there was one paragraph near the end of the article that resonated strongly with me on several levels. Quoting Louis Basanese; “The reason I’m bullish on such an early stage company is because the enormity of the opportunity warrants it. If we wait for Clearsign to hit all its milestones – or for the company to generate meaningful revenue – it will be too late. Wall Street will have already connected the dots and bid up prices.”
    This observation fits precisely with my recent picks of North American Nickel NAN and Valdor Technology VTI who BOTH had a blow out day on a single press release. In the case of NAN nimble investors could have had a TRIPLE in less than 3 months, so this would surely apply, “enormity of the opportunity warrants it” as it COULD prove to be as big as the Sudbury Basin or Voisey’s Bay in Labrador. In a lessor way it also applies to Valdor, but the second half in particular does; “for Clearsign to hit all its milestones – or for the company to generate meaningful revenue – it will be too late. Wall Street will have already connected the dots and bid up prices.” My objective is to identify companies with a good chance of outsized growth that will attract Wall St’s attention over a couple of years when I am in a position to more than double my money by selling when the big money climbs on the bandwagon. Can not fault Louis Basanese for doing the same thing, digging deep for small companies flying under Wall St’s radar, (in my case Bay St.) with the potential of beating them to the punch.

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    • CLIR has a huge potential upside plus it’s environmentally friendly. If this technology can apply and even be retrofitted to virtually any flame burning existing technology, saving considerable energy and money, then it will be a big winner. I’m in for a small position (about 3% of my portfolio). If it is half as good as it sounds, I’ll make money. Otherwise, I will get scorched (sorry for the pun : ) .

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  10. A nice article. I like Louis Basenese recommendations.It is very useful. I have go through his The Biggest Energy Market Breakthrough Since Hydraulic Fracturing.

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  11. If people only took the time & effort to invest in educating themselves about price action, fundamentals & technical analysis they wouldn’t be subscribing to these hypes–my 2 cents.

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  12. It seems like a lot of the information is out of date. I’m not convinced of his conclusion early in the book that “investment formulas” aren’t useful. Indeed, it’s important to look at PE, PEG, Price To Book, Price To Sales, Margins, debt, market cap, industry, ROE, ROAA, technical indicators, recent news and earnings reports, etc.

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  13. I am still long CLIR (Clearsign Combustion) for a small position. It has been going down the past few weeks even after a very successful test with a commercial furnace that reduced NOX by 80-90% even without any adjustments to the technology. I’m puzzled by its recent slide after the good news–insights anyone? The company claims that it will have some commercial deals by Q1 2014. One would think that any technology that can very significantly reduce emissions while actually improving efficiencies of flames will be hugely profitable soon. Why isn’t this technology being embraced by industries like coal based plants and oil refining? Does anyone know why this isn’t taking off? Perhaps I am missing something or the company is more hype than reality. Insights anyone?

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  14. Have been very curious why this book is being bid up so much. There have been a number of good books that don’t have reprints. The author is still alive though he has been very successful running money for many years. Concepts discussed have all been covered by Warren Buffet and his letters are free and easy to read. (http://www.berkshirehathaway.com/letters/letters.html) Or the compilation from 1965 to 2012 can be purchased for $22 on AMZN called “Berkshire Hathaway Letters to Shareholders”

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  15. Josh Brown, “The Reformed Broker (.com)” recommends “What Works On Wall Street;” by James P. O’Shaunessy; list $45.00 USD; McGraw Hill.

    I bought a copy from either Barnes & Noble or Amazon, do not remember the price I paid but I usually only buy books at big discounts. This book is very thorough about investing. Very technical and involved. Much too deep for me except for a summary chapter at the end and a few pages/paragraphs here and there. However, Josh says it is the best book written for serious stock trading.

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  16. jthere was a Michal price who was a great friend of mayor john Lindsay iwho was appointed deputy mayor he took a great delight in spying on people who were not at their desks or were talking period he also got involved in labor relations which cost and still costin the city beau coup money

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  17. As a bibliophile, I was intrigued by this ‘secret book’. It had the ring of “The Name of the Rose” by Umberto Eco to it. Also I was intrigued by ‘the eternal staircase.’ I used as the starting point that the author ran one of the top 5 hedge funds. I got a wikianswers page, and noticed that Seth Klarman’s Baupost was in the top 5. Seth Klarman? Wasn’t he that guy that wrote that sought-after book? And didn’t I download a PDF copy of it for free last year? Well, thank you Mr Basenese, for the reminder. I have now read ‘Margin of Safety’. And very good it is , too.

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  18. ClearSign Combustion (CLIR) has more good news . I see this stock soaring soon. Natcore is another energy tech stock in the solar realm that has recent excellent news that should also soar soon. I guess investors are just waiting for real world deals/revenues but I’m willing to invest now and enjoy the ride to come. Here is the news:
    Company says its Duplex(TM) architecture may set new cost/performance benchmark for NOx control for most types of combustion systems

    SEATTLE, Nov. 11, 2013 /PRNewswire/ — ClearSign Combustion Corporation (NASDAQ: CLIR), an emerging leader in combustion and emissions control technology for industrial, commercial and utility markets, reported today that it has adapted a conventional commercially available burner using its proprietary Duplex burner architecture to successfully demonstrate a 90% reduction in NOx emissions (from 50ppm to 5ppm) in a system designed to closely resemble a standard commercial firetube boiler.
    The test was performed at commercial scale, with a heat release of 1.1 MMBtu/h, with virtually no CO and O2 in the stack at 3%.
    ClearSign says that they are not aware of any Ultra Low NOx burner (ULNB) currently in the market, or in development, that can achieve this low level of NOx emissions without the addition of costly Flue Gas Recirculation (FGR) and Selective Catalytic Reduction (SCR) technologies

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    • so you actually downloaded this nearly invisible book for free? please do explain to me how in the heck you managed that.

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  19. ClearSign Combustion CLIR is up 17% today. They’ve had a rash of great news regarding real world tests of their flame shaping technonolgy to reduce pollution and increase energy efficiencies. This is technology sorely needed espc. in the oil and coal industries as well as in China where air pollution in cities is horrible. It looks as if the company has some sort of a deal with a waste management company and they keep hinting that other deals are going to come soon. If they get profitable, this stock will soar in 2014.

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  20. Interesting, they’re now sending out promos with Louis Basenese claiming credit for Patient Safety Technologies (PSTX) and its takeover at a huge and investor-enriching 50% premium.

    That’s sort of true, but it would matter a lot exactly when you bought it — the takeover price of $2.20 from Stryker (they acquisition was announced on New Year’s Eve, and trial lawyers are still in a frenzy about it) is just about the price the stock was trading at when Basenese’s ads heavily touted it as a $2 stock back in August that was “destined for an aggressive move higher.” It did get that aggressive 50% move higher a few months later, but it fell 40% in a several-month decline first.

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