Well as of now I have made up for my 2025 losses and a bit more.

SCOR jumped a bit on their recap completion eliminating their $18 million preferred dividend and converting their previous preferred to a new preferred with an average conversion price of over $12.

IRIX actually announced some good preliminary Q4 results. Maybe they will be profitable in 2026? Selling at about .5X of revenue.

EDAP announced record Q4 HIFU results. All looks good except their cash burn.

OMI-now ACH, is right around where I bought it after plunging to under $2 for no reason. Hopefully they will make the $1+ expected for 2025. 2026 is expected to be a bit lower but not by much ($.94). So we are at 2.5 times earnings. I just can’t see that lasting too long.

I picked up a little of PLTK (10,000 shares). I don’t normally buy gaming companies but this one is selling for less than 6X earnings and pays an 11% dividend. They just cut 15% of their workforce. They also have a lot of debt, but it looks manageable to me.

VNDA didn’t get their second FDA approval, but they have a more significant drug up for approval in February.

It’s official. I was down 4% on my stock portfolio for 2025. Fortunately, my yield investments more than offset my stock losses. Hopefully 2026 will be better.

Crazy valuations still dominate the market. Story stocks are the rage. To me buying these is just gambling, I will stick to value stocks and wait out the return to sanity. Hopefully that will happen sooner rather than later.

Vanda got the FDA approval they expected in late December. The stock jumped, but gave back a lot of the gains over the next two days. Another approval date come maybe next week. I sold a bit for a 110% gain.

OMI completed the sale of their drug distribution business. They are projecting $380 million of EBITDA this year, $1.02 to $1.07 of EPS for 2025 and fell like a stone on Friday. I bought more. I think this is worth $10 or more. They do still have a lot of debt. But no risk, no reward.

SCOR finalized their recapitalization last week. They still have to issue a press release announcing it. They eliminated their preferred dividend but at substantial dilution. But, this gives them the chance to maybe be profitable in 2026. We will see.

SNCR saved my butt from this being my worst year in 16 years. Now it is only my 4th worst!

Value stocks have been out of favor for 4 years now. I just can’t buy a Palantir at 100 times revenue and 180 times earnings, or many of the other wildly priced stocks out there. PE’s have expanded at least 100% over the last few years. Not sure why, other than inflation and too many lemmings chasing the same stocks cause ‘they are gonna go up”.

SBH is up over 50% and I am long gone on this one. NEXN and PERI are still hanging in there even though they are both trading at less then 10X earnings and both have a ton of cash. EDAP has a small bump on Friday on no news. IRIX is still doing nothing as is ARAY. Small medical device stocks have been shunned the last 3 years or so. Valuations of 3-5X revenues are history. 1 or 2X revenues seem to be the new norm.

I recently bought OMI and DHX (again). OMI is selling its distribution business and is forecast to make just over $1 a share and is trading at $3, up from $2.50 where I bought it. I think it could be worth north of $10 next year. DHX is profitable and trading around $1.60, I think $3-$4 is doable after we get past tax loss selling and have a decent Q4.

See you in 2026.

SNCR got bought today for $9.00! I still lost about 4% on it, but way better than the 55% I was down a few weeks ago. I would still call this a “take-under”. Last year it was $15. It is my first buy out since January 2022, but still way under the average of 4 buy-outs a year I had before that. Will wonders never cease.

My old stocks are doing nothing. SNCR, IRIX, ARAY, CTRM, EDAP

PERI and NEXN are doing ok but they are still hugely undervalued here at less than10X earnings and both with a pile of cash and generating more each quarter.

I have been trading a bit as I wait for something to happen with my main stocks. ONDAS, GDRX, VNDA, OMI and doing just fine on these so far.

I dumped PRTS at $.88 when they announced a dilutive financing rather than a sale. So I made a few pennies.

The overvaluations are still all over the place IMO. But it has been that way for a few years now.

Not much to write about. I had two stocks beat earnings estimates by 45% (PERI, NEXN) and both went down. Meanwhile stocks selling at what I think are ridiculous PE’s are all over the place. Even Walmart is selling at 40X earnings. Great company but it ain’t growing EPS at 40%. I did a day trade in ONDS last week and made 35% in a day. Another overvalued drone startup, but I had a gut feeling. I also bought a bunch of PRTS at $.75, since they are “highly confident” they will have deal either to sell the company or raise money. I am hoping for a sale. Otherwise just sitting and waiting.

I haven’t written in months. That’s because nothing much has changed. Tons of stocks selling at PE’s over 50 and small cap stocks are still shunned, even when they have good earnings or other good news. I was looking at Kratos (KTOS) today. Decent company in the defense industry. It is selling at about 70 times earnings. Now they may win a large drone contract, maybe. But also, maybe not. I have watched them for years and it is a “tush-push”, gaining 1 yard a year in earnings, but have now more than doubled over the last year. Just insane IMO.

The only stocks I have that are doing much of anything are PERI and NEXN which are in the ad-tech space–the new manufacturing in the U.S. NEXN is selling at about 10X 2025 earnings, growing EPS at about 20%, has no debt and about $2.50 a share in cash. PERI is selling at about 10X EPS, has about $8 a share in cash, no debt and looks like it will make about $1.00 EPS this year. Both are still cheap.

My other dogs remain. IRIX that sold stock at $2 a share recently and might get sold to TOPCON later this year (IMO). ARAY, EDAP, SNCR. I dumped SBH after earnings and made a few thousand.

I always look for new stocks to buy, but really am not finding anything that looks worth buying.

Sally Beauty-SBH-Made $1.69 for 2024, estimates for 2025-$1.83. Trading around $9 or 4.9X forward earnings.

Synchronoss-SNCR. Made $1.63 in 2024, $.94 in Q4 alone. Trading at about $10. 6X 2024 EPS.

NEXXAN-NEXN. Made $.93 for 2024. More next year. Has $2.75 in net cash. Trading around $8. Trading at 5.6X EPS, net of cash.

Perion-PERI. Has $8.08 per share in net cash. Expected to make about $1 a share in 2025. Trading around $8.65 and a PE net of cash of less then 1.

Value stocks are still being shunned and silly valuations abound. I still hold PERI which has $8.08 a share in cash and is making around $1 a share and is trading at $8.09. VNDA has $6.43 a share in cash, operating at breakeven, has a robust drug pipeline and is trading at $4.76 a share, ARAY had its best quarter in 3 years and after climbing to $2.95 a share is back below $2 at $1.99. The list goes on and on. I am really not buying anything new and am still trying to liquidate my old holdings.

I own these:

PERI-$17

ANGI-$6

VNDA-$14