HupSteel

[karlmarx]

1. I would prefer an asset play company to have a good earnings stream as a second layer of protection. 

That would indeed be ideal; good earnings, with additional assets, and cheap. 

But sometimes even in those situations, it doesn't work out so well. See AP Oil.

As for pure asset plays like Hupsteel, shareholders won't get rewarded so long as value doesn't get unlocked; and nobody knows when it will. Given such risk (in terms of opportunity costs), a conservative approach will be to avoid concentrating positions in it.