May 2025 Portfolio Update
Quote, Portfolio, Complimentary Monthly Commentary, Events, Earnings & Books + much more ...
Quote for this month:
"The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd." - Warren Buffett
*Portfolio*
*I am NOT a financial advisor. I’m sharing my investing journey. Not investment advice. Do your own research.*
Portseido has introduced new format for screenshot of portfolio so I hope you enjoy a better transparency / detail.
Portfolio (Basic):
Holding since:
2020 - LKQ 0.00%↑ - 03
2021 - SFM 0.00%↑ - 03 | OPFI 0.00%↑ - 05 | VMD 0.00%↑ - 05 | SPOT 0.00%↑ - 11
2022 - MITK 0.00%↑ - 01 | WBD 0.00%↑ - 04 | $EVVTY - 09 | $NTDOY - 12
2023 - PYPL 0.00%↑ - 01 | BSM 0.00%↑ - 05 | BUR 0.00%↑ - 09
2024 - (First ???) - 01 | BKTI 0.00%↑ - 04 | BOC 0.00%↑ - 09
2025 - IAC 0.00%↑ - 01 | (Second ???) - 03 | (Third ???) - 03 | ANGI 0.00%↑ - 04
Complimentary Monthly Commentary - CMC
To be honest a big chunk of this month I either was away on conferences or I was too busy to run my day to day business with couple of other projects that I am/was working on.
(My portfolio was “luckily” able to weather out all of the market volatility much better than the overall market)
I have not spend enough time on investing and researching / staying on top of companies and I’m realizing that, which means I will need to try to get back to basics.
There are only couple of things that I can really focus on and my day to day business + investing are at least 2 of those things that I ether enjoy or need and everything else (not family related) is secondary.
I added a bit more color for paid subscribers on CMC part but for the most part please check out “Events” segments and I hope you enjoy it
Events
- LD Micro -
LD Micro was my second conference this year (or any year lol) and I had better time here than at Microcap Conference, but I was only able to make for April 10th day.
Here are my top 5 from that day:
Dolphin Entertainment, Inc., together with its subsidiaries, operates as an independent entertainment marketing and premium content development company in the United States. It operates in two segments, Entertainment Publicity, and Marketing and Content Production. The Entertainment Publicity and Marketing segment offers public relations, entertainment content marketing, strategic communications, social media and digital marketing, creative branding, talent publicity, and entertainment marketing services, as well as produces promotional video content. The Content Production segment produces and distributes feature films and digital content. In addition, it offers strategic marketing and publicity services to individuals and corporates in the entertainment, hospitality, and music industries; and marketing direction, public relations counsel, and media strategy for video game publishers, as well as eSports leagues and other entities in the gaming industry. The company was formerly known as Dolphin Digital Media, Inc. and changed its name to Dolphin Entertainment, Inc. in July 2017. Dolphin Entertainment, Inc. is headquartered in Coral Gables, Florida.
Kingstone Companies, Inc. - (“Kingstone”) is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (“KICO”). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024, was the 12th largest writer of homeowners insurance in the State of New York. Kingstone is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.
Optex Systems Holdings, Inc. manufactures and sells optical sighting systems and assemblies primarily for the U.S. department of defense, foreign military applications, and commercial markets in the United States. It offers periscopes, such as laser and non-laser protected plastic and glass periscopes, electronic M17 day/thermal periscopes, and vision blocks; sighting systems, including back up sights, digital day and night sighting systems, M36 thermal periscope, unity mirrors, optical weapon system support and maintenance, and commander weapon station sights; howitzers comprising M137 telescope, M187 mount, M119 aiming device, XM10 and aiming circles; and applied optics center consisting of laser filter units, laser filter interface, optical assemblies, day windows, binoculars, and specialty thin film coatings, as well as other products, such as muzzle reference systems, binoculars, collimators, optical lenses and elements, and windows. The company also provides various periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Its products are installed on various types of U.S. military land vehicles, such as the Abrams, Bradley, and Stryker families of fighting vehicles, as well as light armored and armored security vehicles. The company offers its products directly to the federal government, prime contractors, and foreign governments. Optex Systems Holdings, Inc. was founded in 1987 and is headquartered in Richardson, Texas. Optex Systems Holdings, Inc operates as a subsidiary of Sileas Corporation.
Electromed, Inc. develops, manufactures, markets, and sells airway clearance therapy and related products that apply high frequency chest wall oscillation (HFCWO) therapy in pulmonary care for patients of various ages in the United States and internationally. The company offers SmartVest airway clearance system; SmartVest SQL System that consists of an inflatable therapy garment, a programmable air pulse generator, and a patented single-hose that delivers air pulses from the generator to the garment; and SmartVest Connect, a wireless technology with personalized HFCWO therapy management portal for patients with compromised pulmonary function. It also provides single patient use SmartVest and SmartVest Wrap products for health care providers in the acute care setting. The company offers its products primarily to home health care market for patients with bronchiectasis, cystic fibrosis, and neuromuscular disease. Electromed, Inc. markets its products primarily to physicians and health care providers, as well as directly to patients. The company was incorporated in 1992 and is headquartered in New Prague, Minnesota.
Usio, Inc., together with its subsidiaries, provides integrated electronic payment processing services to merchants and businesses in the United States. The company offers various types of automated clearing house (ACH) processing; and credit, prepaid card, and debit card-based processing services. Its ACH transaction processing services include Represented Check, a consumer non-sufficient funds check that is presented for payment electronically rather than through the paper check collection system; and Accounts Receivable Check Conversion, a consumer paper check payment that is converted into an e-check. The company also offers merchant account services for the processing of card-based transactions through the VISA, MasterCard, American Express, Discover, and JCB networks, including online terminal services accessed through a website or retail services accessed through a physical terminal. In addition, it provides a proprietary web-based customer service application that allows companies to process one-time and recurring payments through e-checks or credit cards; and an interactive voice response telephone system to companies, which accept payments directly from consumers over the telephone using e-checks or credit cards. Further, the company offers prepaid and incentive card issuance services; and operates a prepaid core processing platform, as well as provides additional services, such as electronic bill presentment, document composition, document decomposition, and printing and mailing services for various industry verticals, including utilities and financial institutions. It markets and sells ACH products and services primarily through resellers; and prepaid card program directly to government entities, corporations, and to consumers through the internet. The company was formerly known as Payment Data Systems, Inc. and changed its name to Usio, Inc. in June 2019. Usio, Inc. was incorporated in 1998 and is headquartered in San Antonio, Texas.
- Planet Microcap -
Planet Microcap was the third conference that I have attended this year (first one was The Microcap Conference in Atlantic City and second one was LD Micro in NY) and I must say by far my favorite was this one!
There was a lot of cool companies (a lot of companies from Canada), there was a lot of investors some fund managers and some just "regular” micro cap investors that manage their own money and yet all very nice and relaxed and fun to chat with.
I was even able to meet a few familiar “substack names / people” and put a face to the name sort of speaking
and . I highly recommend this conference … oh and it was in Las Vegas (duh!) although to be honest with all the learning and connecting there was not much time for me to get out, although I did get to check out Fremont Street in Las Vegas which was a blast, thank you Noah!Here is a link to all of the companies:
https://www.youtube.com/playlist?list=PL-Z16PmL9VgVmfrb4-YXv_PYaTQeUgLzf
My top 5:
BluMetric Environmental Inc - World class environmental consulting and water technology delivered by world class people. Our dynamic team includes scientists, engineers, industrial hygienists, environmental auditors, project managers, water system specialty trades, financial management specialists, and support personnel.
We do more than assess and recommend environmental solutions. We also design, build, deploy and manage turn-key water solutions throughout North America and the Caribbean.
Creative Realities, Inc - NASDAQ: CREX - (CRI) is a leading provider of digital signage and media solutions. The Company clients use the latest omnichannel technologies to inspire better customer experiences. CRI designs, develops, and deploys consumer experiences for high-end enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to automotive, advertising networks, apparel & accessories, convenience stores, food service/QSR, gaming, theater, and stadium venues.
EMX Royalty Corporation - EMX Royalty is a precious and based metals royalty company founded in 2001 by CEO David Cole. EMX has seven producing royalties, >140 royalties in development and exploration, plus another >100 properties in its 'land bank' for future royalty generation.
Kingsway Financial Services, Inc - Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty and business services industries. The common shares of Kingsway are listed on the New York Stock Exchange under the trading symbol "KFS.”
Titan Logix Corp. - For over 25 years, Titan Logix Corp. has designed and manufactured mobile liquid measurement solutions to help businesses reduce risk and maximize efficiencies in bulk liquids transportation. Titan’s TD Series of tank level monitors are a market leader in mobile fluid measurement, and are known for their high level of accuracy, rugged design, and solid-state reliability. Our solutions are designed for hazardous and non-hazardous applications, and we serve customers in a wide range of applications including petroleum, environmental solutions, chemical, and agriculture. Founded in 1979, Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol TLA.
- Omaha -
Value, Vision, & Volatility: Mr Pabrai in Conversation w/ Jane Liu (I did attend):
Link to the whole thing is supposed to be available soon, so if I do not forget, I will add it when its available.
VALUExBRK 2025 (Did not attend):
This year I did not get to join on ValuexBRK, luckily Guy Spier had the whole thing recorded for those who was unable to attend.
16th Annual Gabelli Omaha Value Investor Conference (Did not attend):
https://www.youtube.com/playlist?list=PLv8JUCrxryp0g1Lq5CcdAJkp6wDpaiyKg
Berkshire Hathaway annual shareholder meeting (I did attend .. of course):
2025 Markel Group Omaha Brunch (I did attend):
Fireside chat with Bill Ackman and Ryan Israel (Did not attend):
Warren Buffett & Becky Quick having dinner in the same restaurant as me & few of my friends
Earnings
Books
I realized that my descriptions of the books that I read may not always give them full credit as when I read these books and when I write about them, I only share one or two things that really stand out to me. So I have decided to also include a quick short description from Goodreads (no affiliations) so that way you get my thoughts but also more generic description to get a better feel for the books and in so hopefully adding them to your “to-read-list”.
This time around I finished two audiobooks:
Fiber: The Coming Tech Revolution―and Why America Might Miss It by Susan P. Crawford
YZ:
I decided to listen to “Fiber” to get better understanding why BOC 0.00%↑ is going so hard on fiber in rural (ish) areas and just to get better understanding of what fiber is and how it is related to 5G and how it compares to likes of coppers , etc…
It was an interesting read and gave me a better appreciation for fiber and just again gave me an understanding that if companies that I shall not name, have monopolies on fiber in big cities there is no intensive for them to evolve and make progress when they can just collect profits…
Goodreads:
The world of 5G, the next generation of telecommunication technology, will be as different from what came before as the world after the advent of electricity. The massive amounts of data we’ll be able to stream through fiber-optic connections will enable a degree of virtual presence that will radically transform health care, education, urban administration and services, agriculture, retail sales, and offices. Yet all of those transformations will pale in comparison to the innovations that we can’t even imagine today.
In a fascinating account combining legal expertise with compelling on-the-ground reporting, Susan Crawford reveals how the giant corporations that control cable and internet access in the United States use their tremendous lobbying power to tilt the playing field against competition, holding back the infrastructure improvements necessary for the country to move forward. And she shows how a few cities and towns are fighting monopoly power to bring the next technological revolution to their communities.
I give it 4.5 out of 5 stars.
Press Reset: Ruin and Recovery in the Video Game Industry by Jason Schreier
YZ:
Press Reset was more of a casual read as it picked my curiosity after listening to Blood, Sweat, and Pixels.
While / After listening to the book, it made me sad how often non upper managements (or even upper managements) get tossed around by gaming companies depending on the projects, budgets, and of course pursue of profits.
Book didn’t really give a solution (I did not except it to), but more this book gave understanding and hopefully appreciation to those who are looking in from outside, how NOT easy it is to keep a steady job in gaming industry (even if you are top talent and even if you do everything right).
Video games world is hard…
Goodreads:
From the bestselling author of Blood, Sweat, and Pixels comes the next definitive, behind-the-scenes account of the video game industry: how some of the past decade's most renowned studios fell apart -- and the stories, both triumphant and tragic, of what happened next.
Jason Schreier's groundbreaking reporting has earned him a place among the preeminent investigative journalists covering the world of video games. In his eagerly anticipated, deeply researched new book, Schreier trains his investigative eye on the volatility of the video game industry and the resilience of the people who work in it.
The business of videogames is both a prestige industry and an opaque one. Based on dozens of first-hand interviews that cover the development of landmark games -- Bioshock Infinite, Epic Mickey, Dead Space, and more -- on to the shocking closures of the studios that made them, PRESS RESET tells the stories of how real people are affected by game studio shutdowns, and how they recover, move on, or escape the industry entirely.
Schreier's insider interviews cover hostile takeovers, abusive bosses, corporate drama, bounced checks, and that one time the Boston Red Sox's Curt Schilling decided he was going to lead a game studio that would take out World of Warcraft. Along the way, he asks pressing questions about why, when the video game industry is more successful than ever, it's become so hard to make a stable living making video games -- and whether the business of making games can change before it's too late.
I give it 4.5 out of 5 stars.
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