Inelegant Investor is a collection of real-world investing observations, focused on the edge cases that don’t show up in textbooks — restructurings, CVRs, spinoffs, and the strange outcomes that accumulate in actual portfolios. And whatever else interests me about investing. Investing isn't always pretty, it's usually quite inelegant.
Recent Series: The Portfolio Graveyard
There may be no more dangerous sentence in investing than “this time is different.” Seritage Growth Properties (NYSE: SRG) deserves that skepticism more than most. Seritage has looked cheap for years. In 2022, when shareholders approved a plan to sell the company’s assets and liquidate, management estimated eventual shareholder distributions of $18.50 to $29 per share. Almost four… Read More »
Medtronic’s final separation from MiniMed has created another odd-lot situation worth watching. Medtronic plc (NYSE: MDT) is offering shareholders the chance to exchange MDT shares for shares of MiniMed Group, Inc. (Nasdaq: MMED). The offer is designed to deliver approximately $107.53 of MiniMed stock for each $100 of Medtronic stock accepted, subject to a maximum exchange ratio of… Read More »
We now have the first real test of our Computer Modelling Group odd-lot trade, and the preliminary result is almost as favorable as it could have been. Computer Modelling Group Ltd. (TSX: CMG) says its substantial issuer bid expired September 21 with a preliminary purchase price of C$4.50 per share, the very top of its C$4.00 to C$4.50… Read More »
Another odd-lot tender has appeared. This one has excellent mechanics and rather less exciting math. Utah Medical Products, Inc. (NASDAQ: UTMD) announced that it intends to repurchase up to 650,000 shares at $75 per share, representing roughly 20% of the company’s outstanding stock. If the offer is oversubscribed, shareholders owning fewer than 100 shares who tender all of… Read More »
Another odd-lot tender has appeared, and this one gets interesting almost immediately. Computer Modelling Group Ltd. (TSX: CMG) is offering to repurchase up to C$20 million of its own shares through a modified Dutch auction. The tender range is C$4.00 to C$4.50 per share, while CMG closed Friday, September 11 at C$3.80. Even better for our purposes, shareholders… Read More »
We recently wrote about odd-lot tenders for fun and profit: those peculiar corporate actions where owning 99 shares can sometimes put you ahead of investors who own 100, 1,000 or a million. The obvious next question is whether there are any actual opportunities to try it on. As of September 10, 2026, there are three live publicly traded… Read More »
There are not many situations in investing where owning 99 shares is demonstrably smarter than owning 100. Odd-lot tender offers are one of them. Every so often, a company decides to repurchase a large block of its own stock through a tender offer. If too many shareholders want to sell, everybody is normally prorated. But some offers contain… Read More »
You finally found a bank willing to provide a Medallion Signature Guarantee. You have the transfer paperwork, identification and account statements, and the person at the branch even knows what a Medallion stamp is. Then someone asks how much the securities are worth. That is not idle curiosity. Every Medallion Signature Guarantee has a financial limit, and a… Read More »
When a company announces plans to buy back 10%, 15% or even more of its outstanding stock through a modified Dutch auction, investors should pay attention. That does not mean they should buy the stock. A large self-tender is one of the more consequential capital-allocation decisions a public company can make. Unlike an ordinary open-market repurchase authorization, which… Read More »
You have the transfer form. You have your identification. You know you need a Medallion Signature Guarantee. Then your bank tells you: “We don’t do those.” Or perhaps the bank does offer them, but not at your branch. Or only for customers who have been there for six months. Or not for securities held somewhere else. Or the… Read More »