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I've been trying to show some restraint lately. My Margin-of-Safety purchase price for my next batch of CNXS was 10.04. I thought it would flirt, flirt, flirt but jilt me in the end. Lo and behold! The trigger was tripped and I doubled my position today. (I also took a 20% hammering on KSWS, but that's besides the point).

I like this company. My biggest concern was that they were not effective stewards of shareholder equity. Sub-par launches and ill-conceived forays into related markets had me worried. I know it's not much, but the increased dividend is encouraging to me. I'm hoping it's a subtle statement of "the best thing to do with our excess cash is to give it back to the shareholders." If this is the case, I couldn't be happier doubling down at this point.

FWIW, my worst-case valuation has CNS at 8.90. This assumes zero growth and dilution matching inflation.

Just figured I'd post this so folks can call me on it in the future and say "you moron!" :)


Enjoy all,

Blitzen94
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