We always keep track of our previous investments in case they come back to favorable discounts to our valuation, and MIVA has. Our current valuation of MIVA is $7.50 a share. With the stock closing at $3.00 on Friday the price to valuation ratio is 40%.
Earlier this month MIVA announced below expectation earnings and profits, so the stock got hammered. We have accounted for this in our valuation, even though final Q3 earnings will not be released until November. We bought some last week at $3.05. while MIVA is a bit of a dog as far as its performance, we think there is money to be made again here.
Last time we bought this at $3.80 and sold at $5.90.

PDL Biopharma (NASDAQ-PDLI)-BUY at $20.04
We are back for some more of PDLI. We sold in September at $19.95, after the company announced some complicated restructuring plans that gave no indication of what the value to shareholders would be. Now, they have finally conceeded to sell the whole company. The CEO has resigned also. Investment firm Third Point, which instigated these actions cut their stake from 11.3% to 5.1% (6 million shares), which is a bit puzzling, but we think that with the whole company for sale–it will be hard to lose money on this one. Their royalty stream, commercial products and their development pipeline should be worth more than $20 per share. The upside, we think is $24 to $30 a share. We bought some PDLI last week at $20.25 per share.


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