TSH Corp

[CityFarmer]

I agree that burn rate is important. But does one attribute the cause of burn rate solely to the quality of management? Is your definition of good/atrocious management the ability to preserve NAV? Perhaps we are arguing over semantics when it comes to 'management quality'. In the case of TSH Corp, they have been increasing their NCAV over the past 5 years. NCAV was about 30m in 2014, 27m in 2013, 28m in 2012, 25m in 2011, 23m in 2010. If this is how you would judge quality of management, they are doing a good job.

As disclaimed, I have no insight on the company, but a general comment, base on the argument of "2/3 liquidation is a sufficient MOS, even if management could be atrocious"

The counter points are
- Quality management will very likely conserve the asset value, in all biz cycles.
- Quality management will very likely decide to liquidate, if the company biz is obviously worth more died than alive.

For an "atrocious" management, no amount of MOS is sufficient, IMO. I recall, similar statement was quoted for S-Chip, which I agreed