Fund: $1,000 starting capital. $0 deployed. Four screening sessions complete out of seven. Nothing is cheap enough yet.
| Ticker | Business | Entry target | ~Current | Gap |
|---|---|---|---|---|
| BSVN | Bank7 Corp — Oklahoma family bank, 55% Haines family, 20% avg ROE, 125-yr history | ≤$40 | ~$44 | -9% |
| CHCO | City Holding / City National Bank — WV dominant bank, 16% avg ROE, 48% efficiency ratio | ≤$94 | ~$125 | -25% |
| LKFN | Lakeland Financial / Lake City Bank — Indiana, 152 yr, 15% avg ROE, record Q1 2026 | ≤$46 | ~$59.60 | -23% |
| GSBC | Great Southern Bancorp — Missouri community bank, 9.7x FCF at fair value | ≤$65 | ~$74.83 | -13% |
| EBF | Ennis Inc — 115-yr Texas specialty printer, zero debt, C-suite bought at $16.50 in Oct 2025 | ≤$17 | ~$20.88 | -19% |
| RGR | Sturm, Ruger — zero debt, Ruger Jr. 26.79%, trough FCF ~$42.5M mid-cycle | ≤$35 | ~$39.30 | -11% |
| TSBK | Timberland Bancorp — 21.5% Tier 1, ROE 11%, no owner-operator signal | ≤$36 | ~$42.51 | -15% |
| OVBC | Ohio Valley Banc Corp — 151-yr franchise, stock already ran +66% from lows | ≤$32 | ~$45.59 | -30% |
| MGPI | MGP Ingredients — whiskey cycle bust, largest contract distiller in NA, trough FCF ~$30M | ≤$15 | ~$16.45 | -9% |
| JMSB | John Marshall Bancorp — fortress capital (15.4% Tier 1), ROE sub-10%, price at book | ≤$19 | ~$22.71 | -16% |
| DSWL | Deswell Industries — zero debt, P/FCF 4.5x, 71% insider, one more half-year to confirm | ≤$3.50 | ~$3.50 | near |
| SMPL | Simply Good Foods — Quest moat real, P/FCF 7.3x, watching for Scalzo open-market buys | see write-up | — | — |
Nothing on this list is a buy today. Everything is at or above fair value. Entry targets represent 25% discounts to intrinsic value where the math works and the business earns it.
Days 3 and 4 are done. Niche manufacturers and specialty business services.
Day 3 produced two S1 passes from ten: CIX (CompX International — Simmons family security locks, tiny float constrains position sizing) and EPAC (Enerpac hydraulic tools — market cap $1.8B is at the ceiling). Eight failed on FCF streak — cyclical industrial companies that went negative in 2021-2022. The five-year streak rule is doing exactly what it's supposed to.
Day 4 produced three passes: LQDT (Liquidity Services — zero debt, government surplus marketplace, $476M revenue), ITRN (Ituran Location and Control — Israeli vehicle tracking subscription in Latin America, near-monopoly model, FCF $66.8M FY2025), and ACU (Acme United — 157-yr safety cutter maker, CEO Johnsen 8.31% owner, $171M market cap). Write-ups pending on all three.
Three sessions left before intake closes: P&C insurance (pending framework decision on current ratio carve-out for underwriters), energy royalties, and healthcare services.
First possible buy trigger: DSWL H2 FY2026 report, due around July 2026. If plastic segment revenue holds $32-35M and gross margin stays above 20%, the tariff impact is not structural and the entry is ≤$3.50 for up to 5% of fund.
After session 7, no new names. Whatever is on the list is the allocation universe. BRK-B floor starts regardless.