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Thanks for a great post! One question:

Other examples: Genesee Valley Gas, public utility trading at a P/E of 2, GEICO, Union Street Railway of New Bedford selling at $30 when $100/share is sitting in cash, high yield position in 2002

I assume all of these examples are in the distant past. What does "high yield position in 2002" refer to?

Thanks!

T
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