Strong returns on capital, bomb proof business, inflation proof, supply chain power will help WMT remain profitable when Yuan is unpegged

Incredible profitable business, unique business model, products will always be in demand

Incredibly strong products with long-term competitive advantages. Have shown an ability to beat out competition, despite inferior consumer marketing capabilities. R&D is best in the industry. Sucessfully integrated prop software and hardware. Strong carrier relationships. Has enough growth potential to justify valuation.

Strong management team. Risk averse and experienced. Only two failed investments (NRI Industries, Consolidated Vendors). Owns 66% + of fund's capital and has performed well. Trading at a discount (10-15%) to market value of invested capital, not including management fees and earnouts from GP. About $13 in cash per share with $4-6 in assets. Even after management incentive fees (10% of gains on investments), still very cheap. Dominant player in casino startups in Canada --> Gateway was a 9 bagger over 5 years...just opened Sonco gaming. Winter bros was a 4 bagger over 1.5 years. Voxcom was also a succesful investment.

Embedded real estate value, battered by housing market (durable goods sales), efficient capital management