“What I came to do was look left when everybody's looking right, look down when everybody's looking up, and find companies that are off the beaten path, overlooked or ignored by otherwise intelligent investors.”
It was a joy to speak with Larry Goldstein, one of the pioneers of “Pink Sheet” investing.
We discussed many topics and many stocks, including:
how he bought 100 shares of TPL at the age of 13
how junk bonds were invented
how he found a stock with a P/E of less than 1x
what he learned from Phil Fisher
why he bought Interstate’s creditor claims
why he admires Murray Stahl
royalty businesses
$HKHC, $MA, $TPL, $CRMZ, $BCPC.
In addition to this being the first video interview Larry has ever done, he kindly allowed me to share two (Forbes and WSJ) articles written about him with you. These are, in my opinion, some of the most insightful pages a micro-cap investor can read.
Enjoy! And if you're interested in learning more about Larry's 40+ years of Pink Sheet investing, you can check the following link:
Santa Monica Partners Letters to Partners 1982-2021: 40 Years of "Pink Sheet" Investing
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