Alluvial Capital Management, LLC Fourth Quarter 2015 Letter to Clients

Follow the link below to view Alluvial Capital Management’s fourth quarter letter to clients. 2015 was a strong year despite a difficult market environment. I welcome your comments and feedback.

Alluvial Capital Management, LLC Fourth Quarter 2015 Letter to Clients

I don’t get to write here at OTC Adventures as much as I used to or as much as I would like. As my professional and personal responsibilities increase, I no longer possess the hours in my week necessary to put out content at the level I feel I owe my readers, at least with any frequency. But readers can expect me to pop up here and there in 2016 with a profile of some interesting company, domestic or international. Thanks again for taking the time to read my humble blog.

-Dave Waters

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5 Responses to Alluvial Capital Management, LLC Fourth Quarter 2015 Letter to Clients

  1. Tj says:

    Congrats on the successful year Dave. I too have been questioning the cash flow ability of Mueller. But, perhaps blinded by the earnings, decided to give it until the full year earnings are released. So far my patience has proven to be costly.

    Regency looks interesting. I’ll be taking a look.

  2. Len Rosenthal says:

    Congratulations of your forthcoming first child.

    I had a comment/question about Reliance’s power joint venture. Based on the last 10-K, before Reliance went dark, the power contract with Kimberly Clark would appear to expire in 2019. Do you have any concerns about the renewal of this contract or the rates that will be paid? I presume that the contract will be renewed, since the plant is a dedicated one. Any insights on this

    • otcadventures says:

      Thanks! I don’t have much extra insight to provide there. But yes, I think it’s highly unlikely that Kimberly Clark would choose not to renew the agreement. I have a difficult time imaging a scenario in which constructing its own plant would be the cheaper option, if that’s even feasible.

  3. Len Rosenthal says:

    I noticed that RAFI is now doing a shareholder stock offering limited to holders who are REG/D/501 compliant. I was wondering what your reaction is. To me, it looks like an attempt to grab a greater percentage of the shares by insiders and at a discounted price. Why not does a rights offering to existing shareholders, where the rights are not transferable. That would solve anyone else getting the shares and the possible need to reregister with the SEC and all the shareholders, wealthy or not, to participate.

    • otcadventures says:

      It’s definitely not good, and it does look like a bold share grab by insiders. The only thing that confuses me is insiders are not going to purchase any shares not subscribed for by other investors, so management’s shareholding will not increase as much as it could. That’s an odd way to build one’s hold over a company.

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