In his books "The Intelligent Investor" and
Nike Free Run 3.0 V4 amarillas azules Mujeres Ven y Únete a Nosotros "Security
Nike Run Balanza gratuito 2014 Plum mujeres rojas Envío Rápido Analysis," Benjamin Graham coined net
Nike Free Run Powerlines Rainbow amarillas Hombres 70% De Descuento net investing, the practice of investing in a
Nike Free Run Powerlines Ii Negro Oro Hombres Venta Zapatos Baratos company’s stock when it is trading
Nike Free Run 3.0 V5 Ext Gris Rosa Mujeres Versión Adecuado Para Usted below liquidation value.

The thesis is simple. You invest with a significant margin of safety. If the company’s
Nike Free Run 3 2012 Negro Rosa Mujeres Se Venden Con El Precio Bajo prospects improve
Nike Free Run 3.0 V2 Blanco Rosa Mujeres Zapatos Corrientes De Venta to the point where enterprise value matches the value of working
Nike Free Run 4.0 2012 Azul Plata Mujeres Zapatos Corrientes De Venta capital you
Nike Free Run 3.0 mujeres azules Con La Mejor Calidad already made 50% on your money.
Nike Free Run 3.0 2012 Verde Plata Mujeres Precio Barato Calidad Cozy If the bull case doesn’t work
Nike Free Run Powerlines Ii Azul Rojo Hombres Cada Compra Que Realice out, an investor can liquidate the company at a profit because the liquidation value of current assets alone is worth more than liabilities and market capitalization combined. Your downside is
Nike Free Run Powerlines Rainbow Negro Hombres Con Calidad Superior very well protected.

Graham explained that after the 1929 market
2012 Nike Free Run Tr Fit Naranja Hombres Precio Barato Calidad Cozy crash and after the second world war there were a large number of opportunities to
Nike Free Run Powerlines Ii Negro Oro Hombres Comprar Con Seguridad invest in companies trading below liquidation value. In 1957, during a time
Nike Free Run 2014 gris rosa claro de la Mujer Con Calidad Superior when the market level wasn’t
Nike Free Run Powerlines Rainbow Negro Hombres Comprar Con Seguridad low, according to Graham, there were
2014 Nike Free Run Gimnasio Blanco Azul Hombres Comprar Con Seguridad around 150 opportunities of this kind. Graham Newman Corporation
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Con Calidad Auténtico carried a
Nike Free Run 2 Gris Azul Mujeres Con Alta Calidad y Entrega Rápida wide diversification and invested in
Nike Free Run 2014 Negro Rosa Mujeres Tenemos El Precio Bajo En Línea at least 100 different issues of net
2012 Nike Free Run 2 Gris Azul Rosa Mujeres Tenemos Buena Reputación current asset stocks at a time.

In a 1985 Barron’s
Nike Free Run 3.0 grises azules claros Mujeres Venta Zapatos Baratos article, Walter Schloss, one of Benjamin Graham’s disciples, indicated that after the 1950s these opportunities were disappearing. With the economic uncertainty of today,
2012 Nike Free Run 2 Negro Púrpura Mujeres Venta Zapatos Para Hombre I wanted to revisit whether things changed since
2012 Nike Free Run 2 Negro Blanco Mujeres Disfrute El Mayor Descuento the Barron’s article.

I set up an equity screen to filter for companies domiciled in the United States with a market capitalization of more
Nike Free Run 3 de plata Mujeres Orange Para Baratos Pero Real Zapatos than
2014 Nike Free Run Gimnasio Negro Azul Hombres Hasta 52% De Descuento 50 million. The
Nike Free Run 3 Gris Verde Púrpura Mujeres Disfrute De Más Descuento screen is defined
Nike Free Run 3.0 V4 amarillas azules Mujeres Comprar Con Seguridad as market capitalization greater than cash plus 85% of accounts receivable and 65% of
2012 Nike Free Run 3.0 púrpura Blanco Mujeres Para Barato Pero El Real inventories less total liabilities. To keep matters
2012 Nike Free Run 2 Gris Azul Rosa Mujeres Con Calidad Auténtico simple, I
2013 Nike Free Run Líneas Azul Gris Hombres Venta Zapatos Auténticos am
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Venta Zapatos also excluding banks and insurance companies.

The equity
Nike Free Run 3.0 V4 Gris Mujeres A La Venta Con Precio De Descuento screen spits out
Nike Free Run 3.0 V2 Gris Negro Mujeres Venta Hombres Running Zapatos three stocks:
Nike Free Run Powerlines Ii Verde Blanco Hombres Todo De Alta Calidad HLYS, PACB and
Nike Free Run 3 2012 Negro Rosa Mujeres Venta Hombres Running Zapatos GENC.

Heelys, Inc. (NASDAQ:HLYS)Heelys, Inc. manufactures
2012 Nike Free Run 3 Naranja Gris Mujeres Entrega Rápida a Su Puerta specialized
2014 Nike Free Run Gimnasio Negro Blanco Hombres Nosotros Outlet Store footwear. The
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Con Calidad Superior Company produces shoes with a removable
Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Venta Con 70% De Descuento wheel in the heel. HLYS markets itself as a lifestyle products manufacturer, but I am worried that the product is a fad. A quick
Nike Free Run 3 grises amarillentas Mujeres Guardar Descuento Grande look at the 10 K confirms this. In 2007 the company sold 6.5mm pairs of shoes, but only 2.6mm pairs in 2008 which lead to revenue
2012 Nike Free Run 3.0 Azul Plata Mujeres Guardar Descuento Grande declining
Nike Free Run 3 de plata Mujeres Orange Ven y Únete a Nosotros from $183mm down
Nike Free Run 3.0 V7 ​​Rosa Blanco Mujeres Running Zapatos For Barato to $71mm. Since then, revenue declined to $33mm for the last
2012 Nike Free Run 2 Negro Blanco Mujeres Disfrute El Mayor Descuento twelve months. From a balance sheet
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Venta Barato perspective, the company has $58mm
2012 Nike Free Run 2.0 Gris Púrpura Mujeres Tenemos Buena Reputación of cash equivalents and $16mm of accounts receivable and inventory compared to a market capitalization of $52mm. Liabilities are a very small
2012 Nike Free Run 2 Negro Blanco Mujeres Para Usted Al Mejor Precio amount.

The company realizes two thirds
Nike Free Run Powerlines Ii Negro Rojo Hombres Comprar Con Seguridad of its sales internationally with Italy accounting for 20% and
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Outlet Worldwide France accounting for 17% of 2011 net sales.
Nike Free Run 2 Gris Azul Mujeres A La Venta Con Precio De Descuento The
Nike Free Run 2 Negro Azul Mujeres Ahorre Hasta Un 70% De Descuento Q1 investor call brings to light that the company’s largest shareholder, Capital Southwest, recently registered
Nike Free Run 3.0 V4 amarillas azules Mujeres Venta Zapatos Baratos its shares leading to a
2012 Nike Free Run 3.0 Negro Azul Mujeres Precio Barato Calidad Cozy significant decline in
Nike Free Run Powerlines Rainbow Negro Hombres Para Zapatos Baratos the
Nike Free Run 4.0 2012 Azul Plata Mujeres Para Usted Al Mejor Precio stock price. With Capital Southwest owning one third
Nike Free Run Trainer 3.0 Negro Hombres Outlet Store Waiting For You of
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Precio Al Por Menor outstanding
2012 Nike Free Run 2 2.0 Azul Naranja Mujeres Hasta 52% De Descuento
2013 Nike Free Run Powerlines Negro Hombres Con La Mejor Calidad shares, the market is worried about near term selling pressure.

The company had around $8mm of negative cash flow in
Nike Free Run 3 2012 Negro Rosa Mujeres Para Baratos Pero Real Zapatos 2011, but managed to break even in Q1
Nike Free Run Powerlines Ii Negro Verde Hombres Tienda Outlet On Sale 2012 on a
Nike Free Run 3.0 Plata Mujeres Purple Regalo Para Usted o Su Familia 20% top line increase. At the same time profitability declined
Nike Run Balanza gratuito 2014 Mujeres Gris Rosa Con Descuento Grande due
2012 Nike Free Run 3.0 V2 Gris Verde Mujeres Venta Zapatos Baratos to restructuring charges from closing down its
Nike Free Run 2 Orange Yellow Mujeres Para Baratos Zapatos Auténticos offices in Belgium. The growth strategy is based on expanding stores in South America and Southeast Asia, as well
2013 Nike Free Run Líneas Azul Hombres Con Descuento Grande as pursuing
Nike Free Run 4.0 Mujeres Blue Sky Ahorre Hasta Un 70% De Descuento new online partnerships.

Due to the
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Comprar Con Seguridad decline of the underlying business, this is hardly
2012 Nike Free Run 3.0 Azul Plata Mujeres Running Zapatos For Barato a situation to get excited about. However, at the current
2012 Nike Free Run 3 Naranja Gris Mujeres Zapatos Corrientes De Venta trading price significantly below
Nike Roshe Run 2014 mujeres rojas Ant-piel Outlet Tienda Online 2014 net working capital, it would be worth
Nike Free Run Powerlines Ii Gris Hombres Venta Aquí Con Alta Calidad spending more time to figure out whether the uptick in Q1 2012 is
Nike Free Run Powerlines Rainbow Negro Hombres Tienda Outlet On Sale a sign of growth
2012 Nike Free Run 3.0 Luz Gris Verde Naranja Mujeres En Venta to
Nike Free Run Powerlines Ii Green Men Cada Par De Zapatos Que Compra come or whether the
2012 Nike Free Run 3.0 Piel Negro Púrpura Mujeres Con La Mejor Calidad company could even become profitable at current revenue levels.

Pacific Biosciences of California Inc. (NASDAQ:PACB)Pacific Biosciences of
Nike Free Run 2 2012 Luz azul púrpura Mujeres Con Descuento 56% -78% California Inc. has developed a novel approach to studying the synthesis
Nike Free Run 3.0 V2 Gris Negro Mujeres Ayuda Para Alojarse En Estilo and
Nike Free Run Powerlines Ii Azul Oscuro Hombres Venta Zapatos Baratos regulation of DNA, RNA and protein. The Company’s system enables real
2012 Nike Free Run 2 Negro Blanco Mujeres Disfrute De Más Descuento time analysis of
Nike Free Run Powerlines Ii Green Men Regalo Para Usted o Su Familia biomolecules with single
Nike Free Run 3.0 V7 ​​púrpura Negro Mujeres Para Barato Pero El Real molecule resolution.

The company was taken public in October 2010 at
Nike Free Run Powerlines Ii Gris Hombres Outlet Store Waiting For You a share price of $16 and is still covered by JPMorgan, Morgan Stanley
Nike Free Run Powerlines Ii Azul Negro Hombres Nosotros Outlet Store and Deutsche Bank among others.
Nike Free Run Trainer 3.0 Negro Rojo Hombres Venta Zapatos Auténticos Since the
Nike Free Run Powerlines Ii Negro Rojo Hombres Con Descuento 56% -78% IPO, the share price has
2012 Nike Free Run 2 Mujeres Gris Rosa Venta Zapatos Para Hombre declined
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Outlet En Venta to $1.85. The market capitalization of the company is $99mm compared to $161mm in cash equivalents
Nike Free Run 3.0 V4 Gris Azul Mujeres Con Más Bajo Precio Auténtico and $3mm of
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Con Calidad Superior debt.

The company’s topline grew from $2mm in 2007 to
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres Venta Zapatos Baratos $44mm LTM, however free cash flow in 2011 was negative $112mm
2012 Nike Free Run Tr Fit Naranja Hombres Outlet Tienda Online 2014 and even worse in 2010. Another year with a similar performance would bring the cash balance closer to 0. Without additional financing, this company
Nike Roshe Run 2014 mujeres rojas Ant-piel Para Usted Al Mejor Precio could run out of cash
Nike Free Run 4.0 2012 Azul Plata Mujeres Versión Adecuado Para Usted soon. Due to those levels of cash burn, this is a very risky
Nike Free Run 2014 Negro Rosa Mujeres Usted Puede Ahorrar Mucho Aquí investment and doesn’t qualify under the Graham rule. The payment under the operating leases
Nike Free Run Powerlines Ii Negro Hombres Luna Ven y Únete a Nosotros for the next
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Outlet En Venta twelve months is $46mm. Since
2013 Nike Free Run Líneas Azul Hombres Envío Libre Con Entrega Rápida a lease
Nike Free Run 2 grises verdes Mujeres Venta Hogar Es Su Mejor Opción can be rejected in
Nike Free Run 2 Pinke Blanco Mujeres Para Baratos Pero Real Zapatos a liquidation at one year rent, I am including that amount on the liability side. The company
Nike Free Run Powerlines Ii Azul Blanco Hombres Outlet Worldwide only has $108mm in current assets compared to $66mm in market capitalization. Adjusting the balance sheet for the operating lease results in net working capital being lower than the market capitalization. In other words, the margin of
2014 Nike Free Run Gimnasio Blanco Azul Hombres Todo De Alta Calidad safety that Graham preaches is not available here.

ConclusionA stock screen
Nike Free Run 2 Orange Yellow Mujeres Nueva Colección Está Disponible provided me
Nike Free Run Powerlines Ii Naranja Hombres Liquidación Envío Rápido with three stocks
Nike Free Run 3.0 V4 gris púrpura Mujeres Se Venden Con El Precio Bajo that qualified under
2012 Nike Free Run 2 Azul Negro Mujeres Tienda Outlet On Sale the Graham criteria. One of those I would flag for follow up,
Nike Free Run 3.0 Plata Mujeres Purple Cada Par De Zapatos Que Compra one is quickly dismissed because of a lack of profitability and the last one I dismissed because of off
Nike Free Run 2 Pinke Blanco Mujeres Para Baratos Pero Real Zapatos balance sheet financing. In conclusion,
Nike Free Run 3.0 V4 Rojo Púrpura Mujeres Se Venden Con El Precio Bajo there are still some opportunities to
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Venta Zapatos be found when screening for net nets.
Nike Free Run 3.0 V4 Gris Mujeres Con Calidad Auténtico
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Hasta 52% De Descuento However, investing in these kinds of
Nike Free Run 2 Orange Yellow Mujeres Ahorre Hasta Un 70% De Descuento opportunities
Nike Free Run 2 Negro Azul Mujeres A La Venta Con Precio De Descuento with diversification of risk is not possible. Graham suggested to
2012 Nike Free Run 2 impermeable gris púrpura Mujeres Venta Auténtico diversify holdings to at least thirty opportunities to reduce risk, but I was
Nike Free Run 3.0 V5 Ext Negro Rosa Mujeres Con La Mejor Calidad only able to identify a single opportunity worthy of follow up. I will
2012 Nike Free Run Tr Fit Gris Verde Hombres Con Descuento 56% -78% continue to monitor these
2014 Nike Free Run Gimnasio Negro Rojo Hombres Comprar Con Seguridad opportunities and report back when there is more to report on.

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