Subject: Re: OT: Boston Omaha
Any of you Berk fans also following Boston Omaha (BOC) ?

I follow Boston Omaha and also keep an eye on Adam Peterson's portfolio at the Magnolia Capital Fund (he is the Omaha half of the management team, the non-Buffett-relative). Adam is a good investor and his fund holdings are available online and in 13F filings.

Boston Omaha has been a serial issuer of new stock when it trades at rich prices, which it did for some time. They usually have an ATM (at-the-market) offering in place to sell new shares if the price perks up. Not my usual cup of tea but you have to start somewhere with raising the capital for a young firm.

Depending on how you value their newer fiber-to-the-home business, they could be "fairly valued" at recent prices. The billboard business, which continues to grow through acquisitions, has been well executed. I am not sold on the economics of the Fiber-to-the-home business but they are and they know a lot more about it than I do.

The investment portfolio inside the surety bond company is still too small to be a reporting institution, so we don't know what securities they own in there. I have started following their NAIC filings so I can see quarterly trades inside "United Casualty & Surety Ins. Co" but I cannot see a portfolio of holdings. I would expect to see some Magnolia Capital names like NelNet (NNI) in there. Their history with Dream Finder Homes (DFH) is throughly disclosed.

They have sworn off any future involvement in the SPAC market (the filings alone were painfully long and complicated) and it will be some time before we know how this Sky Harbour private jet hangar business evolves. I would not buy SKYH shares.

The annual letters are always interesting and they do an annual meeting that some friends have attended and passed along notes.

A good one to watch but I don't own the shares currently. I have a few times in the past.