Bandera – Microcap Activism Is A Hard Road To Travel

Bandera – Microcap Activism Is A Hard Road To Travel by Jeff Gramm, MicroCapClub

Some people know me by my book, Dear Chairman, but what they don’t know is I’m an avid microcap investor. Along with teaching value investing at Columbia Business School, I co-manage a fund called Bandera Partners and we are active in the microcap space. I sent Ian one of my quarterly letters from a few years ago describing a long and arduous story with a microcap company, and he thought it was interesting enough to share with the world.

In 2003, I found a company called UCI Medical Affiliates with a market capitalization of about $3 million.  I was in my twenties, working as...