IPSCO Inc.
IPSCO
position
long
Mohnish Pabrai, Pabrai Funds
Thesis
IPSCO was an attractive investment due to its strong cash position and predictable cash flows, with $15 per share in cash and locked-in earnings for the next two years. The stock was trading at $45, effectively valuing the rest of the business at zero, which presented a significant margin of safety.
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