We own a small concrete company in our micro-cap portfolio. We have more than doubled our money and we think we can double it again. With this gain however, comes family ownership which as we have noted many times, is a gift that can cut — sharply — both ways.

Here is a gem from their proxy, to which we can only smile to ourselves:

XXX is a retired former instrumental music teacher and music coordinator. From 2006 through 2018, he was an Adjunct Professor at Kansas Wesleyan University in Salina, Kansas. XXX’s expertise is primarily in the area of personnel. His involvement throughout the years in a variety of professional organizations in addition to his many years as a music director have resulted in his very strong personnel supervision skills, budgeting skills and the insight to cope with precarious decisions. He also has shown the ability to learn about our manufacturing processes and to ask astute questions prompting discussions of alternative options and the risks associated therewith.