Throwback Thursday – Dole Investment Analysis Case Study Part 5 Dole Shareholders Win – Sort Of

Throwback Thursday – Dole Investment Analysis Case Study Part 5 Dole Shareholders Win – Sort of

***

This is the tenth post in our new Throwback Thursday’s Series, where we share with you posts from the past blogs to bring you as much value as possible.

Today, we’re continuing the case study on Dole from articles in 2012 and 2013.

In Part 1, I valued Dole and compared it to its competition.

In Part 2, I shared with you the results I had in only 104 days after my initial analysis of Dole led to great things.

In Part 3, you learned about some valuable hidden assets Dole owned including the value of its land and ships.

In Part 4, we talked about the rough part of this situation. The Dole Chairman was apparently working to manipulate Dole’s share price to bring the company private at an extremely low price.

Today, we are learning the final ruling on this case and how Dole shareholders, its Chairman and majority shareholder, David Murdock, offered to take Dole private at a ridiculously low ball price and screws shareholders.

We are now to the far more important learning aspects of these articles.

I researched and wrote extensively about Dole when I began doing ‘real’ investment research in 2012.

I’m going to be reposting a series of my past research and investment articles on Dole beginning today.

They are a great case study in doing deep work. Here are some of the things we’ll be looking at in this series…

  • HOW to find the value of potentially hundreds of millions or billions of dollars worth of hidden assets
  • The signs of a company potentially having hidden value
  • Doing deep work to find the value of these and other things people won’t look for
  • Valuations and how and why I’ve done these valuations
  • And more…

I hope you enjoy this series and know we can all learn a lot from doing this.

Oh and please excuse the poor writing style and huge paragraphs. I wrote this in 2012 before I learned how to write.

As always, nothing is changed below from the past article in 2012.

Jason

***

Yes I said I was taking some time off, and I am. But this is too good not to talk about.Dole shareholders fighting back and winning $148 million.

One of the first companies I analyzed in a real way was Dole Food Inc. (DOLE), which is now a private company.

In 2012I found the company undervalued by a substantial margin. It had up to $585 million dollars worth of land and property it could sell to pay off debt, and that it should undergo a special situation to unlock some of the value within the company.

I’d even done my first comparison analysis where I put Dole up against its public competition Chiquita and Fresh Del Monte.

After seeing this; comparing the companies and deciding I had enough margin of safety, I bought the company for myself and the portfolios I manage.

I only held a full position in Dole for 104 days, before selling with a 70% gain, after Dole announced it was selling its worldwide operations to Japanese company Itochu for $1.2 billion.

I continued to hold a half position in Dole because even after a 70% rise, Dole was still undervalued. But by selling out, I was protecting my gains and only risking some of the money I’d already earned.

About a year after this, I sold the rest of my Dole position in all the portfolios I manage because the company announced it was taking the company private at a low ball price, and then started making some crazy decisions.

Below is an unedited excerpt from my book talking about these things.

“As I have been writing, editing, and revising this book, Dole’s Chairman Mr. Murdock has put in an offer to take the company private once again like I thought that he may do, so I wanted to write my thoughts on the ridiculous offer being given to Dole shareholders. I did think that Mr. Murdock may have wanted to take the company private again but what I didn’t expect was the manipulation of the company’s stock price, in my opinion, before that happened.  Shortly after Dole sold its worldwide operations to Itochu, Dole management began to do some very strange things. The value of its land holdings, that Dole management themselves estimated to be worth around $500 million, when they were getting ready to sell their worldwide operations to Itochu, suddenly stated that they thought their land now was worth only around $250 million only a few months later.

This was shocking to me and led me to sell the stock I owned in Dole in my personal portfolio and the portfolios that I manage, because I figured that Dole was doing something untoward to try to get the value of its shares down, so the company could be taken private again at a cheaper valuation. One of my followers on Seeking Alpha and I actually talked about this and both came to the same conclusion that something fishy was going on.

After selling my shares in Dole due to the above situation, I stopped paying attention to the company all together to concentrate on the research of other companies, until it came out that Dole was planning to do a massive buyback of its shares. I thought this was a very good thing for them to do since I found the company to be very undervalued when writing my second article on them, so I started to look into them a little bit again. Before I could do even minimal research into the new situation at Dole, though its management made another very strange decision.  A few days after Dole announced that it was going to buy back $200 million worth of its shares, it changed its mind and all of the sudden decided to update its fleet of container ships instead and canceled the proposed share buyback program.

Of course this sent the share price falling and again led me to believe that its management was trying to manipulate the share price lower so that it could be taken private at an unreasonably low valuation.

Unfortunately, it turns out that I appear to have been right because a month or two after Dole decided to cancel its proposed share buyback program to instead buy new container ships, which of course sent the share price lower, Mr. Murdock announced that he was putting in an offer to take Dole private at $12 a share.

Mr. Murdock brought Dole public in 2009 at $12.50 a share so this in and of itself is ridiculous since the company is much more financially stable now than it was then due to getting rid of its giant debt load. In my opinion this entire situation from the changing of the estimated value of its land by 50%, shortly after announcing that they thought it was worth $500 million, announcing the proposed $200 million share buyback and then a few days later canceling it, and then Mr. Murdock attempting to take the company private again at an incredibly low valuation, should be investigated. If Dole is allowed to be taken private at $12 a share, which it probably will, because Mr. Murdock, at my last check, still owned 40% of the company, then the company should be investigated for manipulating its stock price. If the company is taken private for a paltry $12 per share, then its remaining shareholders are getting screwed.

If a situation like this happens to a company you own, be very careful, trust your research, trust your instincts, and get out of owning the company, if you think you need to. There are a lot of other companies you can spend your time researching and owning rather than spending your precious time and capital having to worry about whether a company’s management is going to screw over shareholders.  Dole’s current shareholders are fighting back by suing the company and I wish them good luck because the proposed buyout offer is ridiculously low.”

Most of the time this would have ended things and shareholders would have no recourse.

But not in this case…

Not only did litigation continue,  but shareholders won a $148 million decision. Below is quoted from the linked article above.

The billionaire chief executive of Dole Food Co., and his top lieutenant must pay $148.2 million of damages to shareholders they shortchanged when the produce company went private in 2013, a Delaware judge ruled on Thursday.

In a decision that may cast a pall on management-led buyouts, Vice Chancellor Travis Laster said, Dole Chief Executive David Murdock, 92, and former Chief Operating Officer C. Michael Carter, were liable for depressing the stock so that Murdock, who owned 40 percent of Dole, could buy the rest at a lowball price.

The judge said the $1.2 billion buyout undervalued Dole by 17 percent, letting Murdock pay $13.50 per share rather than the $16.24 that Dole was worth.

And further down…

JUDGE FINDS FRAUD

Shareholders accused Murdock and Carter of driving down Dole’s share price by downplaying the Westlake Village, California-based company’s ability to boost profit by cutting costs and buying farms, and canceling a stock buyback.

In his 106-page decision, Laster saw Carter as the main engineer of the scheme, calling him Murdock’s “right-hand man’ and saying Carter “actually engaged” in fraud.

Still further down…

But shareholders called the move a power play. Laster appeared to agree, calling Murdock ‘an old-school’, ‘my-way-or-the-highway controller’, fixated on his authority and the power and privileges that came with it.

The judge said, Murdock hurt himself during trial testimony, where defense counsel portrayed him as both a “confused old man” and a disengaged CEO.

“By dint of his prodigious wealth and power, he has grown accustomed to deference and fallen into the habit of characterizing events however he wants,” Laster wrote.

“That habit serves a witness poorly when he faces a skilled cross-examiner who has contrary documents and testimony,” he added.

This is great for Dole’s former shareholders, and should send a message to companies doing terrible things to depress their own stock price.

But all is still not well here…

While the $148 million paid to shareholders is great, it still undervalues the company by a huge margin.

By my conservative estimates, the company was worth somewhere north of $20 a share when taken private. But the judge in Delaware deemed the company to be worth only $16.24 per share, or at least a 19% discount to what I thought Dole was worth.

So while shareholders are getting paid some of this value, I stand by what I said in my book in 2013.

“If a situation like this happens to a company you own be very careful, trust your research, trust your instincts, and get out of owning the company, if you think you need to. There are a lot of other companies you can spend your time researching and owning rather than spending your precious time and capital having to worry about whether a company’s management is going to screw over shareholders.  Dole’s current shareholders are fighting back by suing the company and I wish them good luck because the proposed buyout offer is ridiculously low.”

***

In the end, Dole shareholders won a major victory over Dole and the manipulation of its share price before going private and gained back a significant amount of capital in the form of damages.

However, Dole shareholders still didn’t get the full value of the company as Mr. Murdock was still allowed to take the company private at a 19% discount to the MINIMUM I thought Dole was then worth.

I still stand by what I said then as well. So If you come across a similar situation, you need to be careful.

“If a situation like this happens to a company you own be very careful, trust your research, trust your instincts, and get out of owning the company if you think you need to.  There are a lot of other companies you can spend your time researching and owning rather than spending your precious time and capital having to worry about whether a company’s management is going to screw over shareholders.  Dole’s current shareholders are fighting back by suing the company and I wish them good luck because the proposed buyout offer is ridiculously low.”

P.S. We just launched the new Value Investing Journey Masterclass. If you want to learn how to do the above things yourself, check out the course at the link above.

P.P.S Make sure to check out the brand new Value Investing Journey Training Vault here, to gain access to $10,000 training sessions for as little as $97 a month.

What To Do When The Market – Or Your Stock – Crashes?

What To Do When The Market – Or Your Stock – Crashes?

Sooooo…

Not sure if you noticed but the stock market dropped by more than 1,000 points twice last week – two of the market’s single day point drops ever – and a lot of people are freaking out.

Should you be?

No.

If you have disciplined investment processes you stick to, If you know what you’re doing, and if you own mostly good to great businesses, no you shouldn’t panic.

Or in many cases even do anything.

I answer the original question above in multiple different ways in the 13-minute video below. And I elaborate on these thoughts below the video.

In the video above, you learned why you should almost never panic in these kinds of situations.

Markets rise, markets fall, and in general, the market will continue to rise over time, barring a worldwide economic collapse. And if this happens, we will all have a lot more to worry about than our portfolios.

If you can ignore the market and continue doing disciplined research and you follow your processes for what worked for you in the past, you’ll do fine no matter what the market is doing.

That is, if you can keep your emotions in check.

This is the major potential problem every investor faces when a crash of any kind happens.

Why?

Because if you can’t keep your emotions in check, it doesn’t matter how much knowledge or skill you have as a value investor… If you can’t keep your emotions in check you will fail.

So what can you do about this?

Ignore the news, ignore the panic, stick to your processes, and learn how to control your emotions.

And keep in mind…

Even though most of the headlines said something like “Biggest One Day Crash In The Market’s History”, on a percentage basis these falls aren’t even in the top 20 biggest daily percentage losses. But the media doesn’t say that because it’s not as juicy of a headline.

Largest Percentage Daily Declines In US Stock Market History – The two ~4% Drops From Last Week Aren’t Even In The Top 20 Above

Am I saying you don’t need to be careful and reassess your portfolio to see if you should sell something or possibly to get more into cash? No.

I’ve said the market is overvalued for the last 5 years and it’s continued to go straight up. And it could continue to go straight up.

Or it could continue to crash…

No one knows when the next crash is going to happen.

If someone tries to tell you they know when the market or stock is going to crash, they’re full of shit and you need to run from them.

All I can tell you is the above…

If you continue to follow your disciplined processes and keep your emotions in check, long-term you’ll be fine.

In the short-term, your portfolio may get hammered in a crash, but if you’re concentrated on the long-term and are in mostly good to great businesses or cash you’ll be fine.

Get ready, learn as much as possible, continue to improve every day, and go with the flow like I talk about in the video above.

These are the best things you can do in these kinds of situations.

The WORST thing you can do is panic like the media, make emotional decisions, and watch the news on a minute by minute basis which will make your emotions go even crazier.

In the video above I mentioned many things I’ve done to get my mind out of the market. Things like learning and improving myself, my businesses, and my team.

What are some things you do to get rid of your emotions when the stock market or a stock you own crashes?

I’d love to hear some of them in the comments below.

P.S. If you’d like all future posts like this, make sure to sign up to our mailing list for FREE here. You’ll also gain access to free gifts that will help you become a better value investor as well just for signing up.

P.P.S. If you want to learn more info like this to become a great value investor fast and at a fraction of the cost of a normal university, check out our new Value Investing 6 Week MasterclassThe entire first week of the course is all about developing the proper value investing mindset.

Value Investing In Your Car Episode 7 – Mini Book Review Of Total Recall

Value Investing In Your Car Episode 7 – Mini Book Review Of Total Recall

In Episode 1 of Value Investing In Your Car, I answered the question Does Value Investing Work Anywhere In The World?

In Episode 2I answered the question When Does Value Investing Work Best?

In Episode 3, I told you about the best book I read in 2017, and recommended some other great books that I read in the same year.

In Episode 4, I talked about how my family inspires me to become great and how having someone or something inspire you can change your entire life.

In Episode 5, I talked about how I may have found a new investment for the first time in almost 3 years.

In Episode 6, we talked about Anchoring Bias, its immense power, and how this relates to value investing.

And today in Episode 7, I’m doing a mini book review of Total Recall: My Unbelievably True Life Story – Arnold Schwarzenegger’s autobiography.

Let’s get to it…

Mini Book Review of Total Recall

Probably The Best Autobiography I’ve Ever Read

This is a value investing blog so why the hell are you seeing a picture of Arnold Schwarzenegger above?

To almost anyone on Earth, Arnold Schwarzenegger is likely thought of as a movie star, icon, bodybuilder, Governor of California or some combination of those four things.

But did you know he was wealthy before he became a worldwide movie star?

If you didn’t, you’re not alone…

This biography had been on my radar for years but I didn’t actually buy it until I heard Tim Ferriss interview Arnold about the book and get into how he’s a successful business person and entrepreneur.

I mostly read finance and finance – related information so why would this biography even be on my radar to read at all?

Because for people of my age – I’m 31 – Arnold Schwarzenegger is a bit of an icon.

I grew up with his movies, his fitness programs where in my schools all the way up to middle school, I won several of his Presidential Physical Fitness Awards in elementary and middle school, and after listening to this fantastic book, I learned he was an even bigger influence than I first knew for people of my generation.

For example, I didn’t know he was a huge force in bringing back the Presidential Physical Fitness Awards mentioned above until listening to this book. And I didn’t know he was a huge partner in building the restaurant chain Planet Hollywood that was big in the 90’s.

In short, if you are in my generation in the US, Arnold Schwarzenegger was a force and he had a massive influence on society.

But again, even with this, I didn’t buy the book until he and Tim Ferriss talked about his entrepreneurship and various business ventures. This is what hooked the business nerd in me to finally buy it.

And I’m glad I did…

It’s one of the best autobiographies I’ve ever read. And it’s going into the Recommended Reading and Viewing Page as a MUST READ!!!

Here is a brief video talking about why I loved this book so much.

Some of the stuff you’ll learn in this fantastic book are…

  • How he came from nothing in Austria to become a worldwide icon
  • ALL the business ventures that led him to become wealthy well before he even stepped on a movie set
  • How fantastic his work ethic is
  • How optimistic he is about almost everything
  • How varied his interests outside of movies, bodybuilding, fitness, etc. are
  • How he helped build organizations like the ones above and the Special Olympics
  • How and why he got into politics
  • How he built not only several business empires but also a real estate investing empire
  • And much much more…

After I finished the book, I did some research and found a couple of articles that estimated JUST his real estate investments to be worth north of $300 million.

And this doesn’t include any value from his movies or other business ventures.

So not only is Arnold Schwarzenegger a cultural icon to so many in my generation but he’s also become one of my business icons after listening to this fantastic audiobook.

I’d love to hear your thoughts on Total Recall in the comments below if you’ve read it.

Before you go, here is another great article about Arnold’s real estate empire and the mindset that led him to reach this status.

P.S. If you’d like all future posts like this, make sure to sign up to our mailing list for FREE here. You’ll also gain access to free gifts that will help you become a better value investor as well just for signing up.

P.P.S. If you want to become a great value investor fast and at a fraction of the cost of a normal university check out our new Value Investing 6 Week Masterclass.

Value Investing In Your Car Episode 6 – The Power Of Anchoring Bias

Value Investing In Your Car Episode 6 – The Power Of Anchoring Bias

In Episode 1 of Value Investing In Your Car, I answered the question Does Value Investing Work Anywhere In The World?

In Episode 2I answered the question When Does Value Investing Work Best?

In Episode 3, I told you about the best book I read in 2017, and recommended some other great books that I read in 2017.

And in Episode 4, I talked about how my family inspires me to become great and how having someone or something inspire you can change your entire life.

In Episode 5, I talked about how I may have found a new investment for the first time in almost 3 years.

And today in Episode 6, we’re talking about Anchoring Bias, its immense power, and how this relates to value investing.

So what is anchoring bias?

Anchoring Bias – A Major Cognitive Bias And Mental Model

Anchoring bias is an incredibly powerful cognitive bias.

Above is the generally known definition for anchoring bias… I would change one minor thing about the above – this change is in bold.

I would change it to this – “Anchoring or focalism is a cognitive bias that describes the common human tendency to rely too heavily on the first piece of information offered or the piece of information that best fits what they want.  Even if it’s not reality.

Why?

In the 10 minute video below, I describe a real-world example about how I struggle with anchoring bias and gas. What I do about this bias, and how understanding the mental model of anchoring bias and what to do about it can help you become a better value investor.

I talk about a real – world example in the video above but a value investment example would be…

Let’s say you found a small cap investment that is undervalued and that it’s worth $25 per share, so you decide to buy its shares at $20 while you can.

Instead of going up though, the stock price drops to $10 a share – or a 50% drop – 6 months later based on some very short – term problems for the company.

After reanalyzing the company to see if you made a mistake, you find out that these problems haven’t changed the economics or profitability of the company at all. And have done nothing to harm the long – term health of the company’s operations or balance sheet.

Should you buy more, do nothing, or sell your stock?

If you let anchoring bias get in the way – and your emotions take over – you may make the decision to sell because of these short – term problems.

Even if you should hold on – or even maybe buy more shares – since the company is the same or better off now, than it was when you first bought.

Knowing what anchoring bias is and how to potentially deal with these emotions and cognitive biases are part of the battle when you come across this example yourself after you buy an investment.

Some of the other stuff talked about in this video…

  • Why understanding Anchoring Bias is so important for value investing
  • Why understanding other cognitive biases and mental models are important to become a great value investor as well
  • How I still struggle with anchoring bias every time I gas up my truck
  • What I do about this
  • How I fight against this and other biases
  • And more

I’d love to hear your thoughts on anchoring bias in the comments below.

Here’s another post on Medium about anchoring bias if you want to learn more.

P.S. If you’d like all future posts like this, make sure to sign up to our mailing list for FREE here. You’ll also gain access to free gifts that will help you become a better value investor as well just for signing up.

P.P.S. If you want to become a great value investor fast and at a fraction of the cost of a normal university check out our new Value Investing 6 Week Masterclass.

Throwback Thursday – Dole Investment Analysis Case Study Part 4 The Bad Side Of Dole

Throwback Thursday – Dole Investment Analysis Case Study Part 4 The Bad Side Of Dole

***

This is the ninth post in our new Throwback Thursday’s Series, where we share with you posts from the past blogs to bring you as much value as possible.

Today, we’re continuing the case study on Dole from articles in 2012 and 2013.

In Part 1, I valued Dole and compared it to its competition.

In Part 2, I shared with you the results I had in only 104 days after my initial analysis of Dole led to great things.

In Part 3, you learned about some valuable hidden assets Dole owned including the value of its land and ships.

Today, we’re getting to the rough part of Dole.

Its Chairman and majority shareholder, David Murdock, offered to take Dole private at a ridiculously low ball price and screws shareholders.

We’re now to the far more important learning aspects of these articles.

I researched and wrote extensively about Dole when I began doing ‘real’ investment research in 2012.

I’m going to be reposting a series of my past research and investment articles on Dole beginning today.

They’re a great case study in doing deep work. Here are some of the things we’ll be looking at in this series…

  • HOW to find the value of potentially hundreds of millions or billions of dollars worth of hidden assets
  • The signs of a company potentially having hidden value
  • Doing deep work to find the value of these and other things people won’t look for
  • Valuations and how and why I’ve done these valuations
  • And more…

I hope you enjoy this series and know we can all learn a lot from doing this.

Oh and please excuse the poor writing style and huge paragraphs. I wrote this in 2012 before I learned how to write.

As always, nothing is changed below from the past article in 2012.

Jason

***

Excerpt From My Upcoming Book About The Proposed Going Private Transaction At Dole and Dole Shareholders Fighting Back.

I have finished up writing the main transcript of my book and have done one full revision and edit of the book. I have sent the book off to some family members and a couple recently published investing authors to get some feedback on things that I could be doing better.

After receiving some feedback from those sources, (Thank you all so much!) I am in the process of going back over the entire book to make improvements.

I wanted to release this portion of the book right now to you all because I have talked about Dole quite a bit on this blog and I wanted to share my full thoughts about the ridiculous situation going on at Dole right now.It appears that a lot of Dole’s current shareholders agree that the buyout offer at $12 is ridiculously low as its own shareholders have been suing the company to stop the low ball going private transaction offer.

Below are just two of the many articles about Dole getting sued for the proposed transaction.

Levi & Korsinsky Notifies Investors of Claims of Breaches of Fiduciary Duty in Connection With Going Private Proposal From Company’s CEO

More cases against Dole board say Murdock bid too low

Directly below are two pages from my upcoming book where I talk about the transaction. Please feel free to leave any comments or concerns you have about the actual excerpt from my book or the proposed Dole transaction as I would love to converse about either. Also, keep in mind that I still have a lot of editing and revising to do if you find any grammar or editing errors.

“As I have been writing, editing, and revising this book, Dole’s Chairman Mr. Murdock has put in an offer to take the company private once again like I thought that he may do so I wanted to write my thoughts on the ridiculous offer being given to Dole shareholders.  I did think that Mr. Murdock may have wanted to take the company private again but what I didn’t expect was the manipulation of the company’s stock price in my opinion before that happened. Shortly after Dole sold its worldwide operations to Itochu, Dole management began to do some very strange things. The value of its land holdings, that Dole management themselves estimated to be worth around $500 million when they were getting ready to sell their worldwide operations to Itochu, suddenly stated that they thought their land now was worth only around $250 million only a few months later.

This was shocking to me and led me sell the stock I owned in Dole in my personal portfolio and the portfolios that I manage because I figured that Dole was doing something untoward to try to get the value of its shares down so the company could be taken private again at a cheaper valuation. One of my followers on Seeking Alpha and I actually talked about this and both came to the same conclusion that something fishy was going on.

After selling my shares in Dole due to the above situation I stopped paying attention to the company altogether to concentrate on the research of other companies until it came out that Dole was planning to do a massive buyback of its shares. I thought this was a very good thing for them to do since I found the company to be very undervalued when writing my second article on them so I started to look into them a little bit again. Before I could do even minimal research into the new situation at Dole, though its management made another very strange decision.  A few days after Dole announced that it was going to buy back $200 million worth of its shares it changed its mind and all of the sudden decided to update its fleet of container ships instead and canceled the proposed share buyback program.

Of course, this sent the share price falling and again led me to believe that its management was trying to manipulate the share price lower so that it could be taken private at an unreasonably low valuation.

Unfortunately it turns out that I appear to have been right because a month or two after Dole decided to cancel its proposed share buyback program to instead buy new container ships, which of course sent the share price lower, Mr. Murdock announced that he was putting in an offer to take Dole private at $12 a share.

Mr. Murdock brought Dole public in 2009 at $12.50 a share so this in and of itself is ridiculous since the company is much more financially stable now than it was then due to getting rid of its giant debt load. In my opinion this entire situation from the changing of the estimated value of its land by 50% shortly after announcing that they thought it was worth $500 million, announcing the proposed $200 million share buyback and then a few days later canceling it, and then Mr. Murdock attempting to take the company private again at an incredibly low valuation should be investigated. If Dole is allowed to be taken private at $12 a share, which it probably will because Mr. Murdock at my last check still owned 40% of the company, then the company should be investigated for manipulating its stock price.  If the company is taken private for a paltry $12 per share than its remaining shareholders are getting screwed.

If a situation like this happens to a company you own, to be very careful, trust your research, trust your instincts, and get out of owning the company if you think you need to. There are a lot of other companies you can spend your time researching and owning rather than spending your precious time and capital having to worry about whether a company’s management is going to screw over shareholders. Dole’s current shareholders are fighting back by suing the company and I wish them good luck because the proposed buyout offer is ridiculously low.”

***

I ALWAYS love high insider / family ownership in a company. It means the insider loves the business and that their incentives are aligned to do what’s in the best interests of shareholders.

Well in most cases.

This is the negative side of high insider ownership by one person.

If one person or one group of people own a huge majority of a company’s shares situations like this can sometimes happen.

However, in this case, not everything turned out bad for Dole shareholders which we’ll see next week.

P.S. We just launched the new Value Investing Journey Masterclass. If you want to learn how to do the above things yourself check out the course at the link above.

P.P.S Make sure to check out the brand new Value Investing Journey Training Vault here to gain access to $10,000 training sessions for as little as $97 a month.