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I just wanted to let you know that your VANS post is one of my favorite offerings on our entire website in 2003. Your research was thorough; the case you made for a turnaround was compelling; and your assessment pointed to the good and the bad at VANS. Congratulations on excellent research and a rich reward (you don't have to hear that from me, I know).

Thanks! I wish all of my investments could turn out half as well as that one has.

I'm wondering what you make right now of a stock listed on your profile -- Singing Machines (SMD). I have looked at it a bit, just scratching the surface. I can share more details if you're actually reading this board.

Ah yes. One of my favourite types of companies: shaky balance sheet + fairly illiquid stock + management I wouldn't trust to tell me the time of day. When the general market rises and investment opportunities dry up, these are usually what I'm left to work with. Most people probably wouldn't want to have anything to do with a company like this, but I have the stomach for it (well, the stomach for a small, speculative position at least).

For some context, I entered this position after the restatement was announced, so it hasn't done anything for me (yet). In a nutshell, the market's assessment of the probability of bankruptcy + probability of favourable tax status being taken away are different from my own. I haven't had time yet to work my way through everything that was released this morning, so hopefully it hasn't changed anything. [At a glance, the inventory reserve came inline with my expectations, and that was one of the more significant variables to consider.]

Any thoughts or details that you would like to share would be appreciated.

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