I haven’t found many bargains in this market recently. I continue to sit on over a 30% cash position in my portfolio. I’m still holding Enzon Pharmaceuticals, Alliance One International, and Domtar. Currently, in this market, I’m only willing to allocate capital to positions that will frequently turn back into cash. These situations usually occur through asset liquidations and conversions. I still currently recommend Enzon Pharmaceuticals because it sells at a reasonable discount to the value of its assets and that value is currently in the process of being unlocked and returned to shareholders.

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