The North American Deep Value Week – 2026/09
Companies mentioned:
· Jewett-Cameron Trading Company Ltd. – Annual General Meeting Approves All Resolutions
· Natural Alternatives International – CEO/Chairman Increases Stake Through Open Market Purchases
· Kronos Worldwide – CEO Retirement and Appointment of Brian W. Christian as New CEO
· TrueBlue – Returns to Organic Growth in 2025, Strengthens Digital and Market Expansion Strategy
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable.
Jewett-Cameron Trading Company Ltd. – Annual General Meeting Approves All Resolutions
2026-02-27 │ URL
February 27, 2026 – Jewett-Cameron Trading Company Ltd. held its Annual General Meeting where shareholders approved all presented items. The financial statements and auditor’s report for the fiscal year ended August 31, 2025 were received. Shareholders approved fixing the number of directors at five, with 1,903,898 shares voted in favor and 265,109 against. Five directors – Charles E. Hopewell, Michelle Walker, Chad Summers, Subriana Pierce, and Ian Wendler – were elected to serve until the next annual meeting, each receiving a majority of votes cast. The appointment and remuneration of auditors was approved (1,937,256 votes for, none against), as were the acts and deeds of directors and officers, the advisory vote on executive compensation, and authorization to transact other business. No outlook or financial guidance was provided in the filing.
Natural Alternatives International – CEO/Chairman Increases Stake Through Open Market Purchases
2026-02-27 │ URL
February 20–27, 2026 – Mark A. LeDoux, CEO, Chairman, Director and 10% owner of Natural Alternatives International Inc. (NAII), reported multiple open market purchases of common stock under Form 4 filings. Between February 20 and February 24, he acquired a total of 2,000 shares at prices ranging from $2.655 to $2.71 per share, increasing his direct ownership to 156,971 shares. Subsequently, between February 25 and February 27, he purchased an additional 1,250 shares at prices between $2.80 and $2.846 per share, bringing his direct holdings to 157,971 shares. In addition to his direct ownership, LeDoux indirectly holds 481,905 shares through the LeDoux Family Limited Partnership, 69,416 shares through an IRA, and smaller custodial holdings for family members. No derivative securities transactions were reported.
Kronos Worldwide – CEO Retirement and Appointment of Brian W. Christian as New CEO
2026-02-20 │ URL
February 20, 2026 – Kronos Worldwide, Inc. announced that CEO and director James M. Buch will retire effective February 27, 2026, and will also step down as an officer of its parent company, Contran Corporation, on the same date. Following his notice, the board elected Brian W. Christian as director and as President and Chief Executive Officer, effective February 27, 2026. Christian, 47, has served as President since May 2025 and previously held several senior roles at the company, including Chief Operating Officer (2023–February 2026), Executive Vice President (2016–2025), Chief Strategy Officer (2021–2023), and earlier strategic and financial planning positions. He is an employee of Contran and provides services to Kronos under an intercorporate services agreement. The company also furnished a press release dated February 25, 2026 under Regulation FD.
TrueBlue – Returns to Organic Growth in 2025, Strengthens Digital and Market Expansion Strategy
2026-02-18 │ URL
TrueBlue, Inc. reported fiscal 2025 results in its Form 10-K, highlighting revenue of $1.6bn and a return to year-over-year organic revenue growth in the final two quarters of the year. The company connected approximately 290,000 people with work and served around 50,000 clients across its three segments: PeopleReady (on-demand industrial staffing), PeopleManagement (on-site industrial staffing and commercial driver services), and PeopleSolutions (RPO, MSP, talent advisory and healthcare staffing). During the year, TrueBlue focused on restructuring its sales model toward a more efficient territory-based approach, expanding cross-selling initiatives, and driving growth in higher-value end markets. Revenue in the energy sector increased by approximately 60%, the commercial driver business delivered its second consecutive year of double-digit growth, and the company expanded its healthcare exposure, including the addition of Healthcare Staffing Professionals to its portfolio. The company continued to advance its digital ecosystem, integrating AI-powered job matching, predictive analytics, and enhanced functionality in its JobStack platform to improve pricing speed and operational scalability. Management emphasized disciplined cost control, board refreshment initiatives, and capital allocation alignment as key pillars entering 2026. While no explicit quantitative guidance was provided, management stated that strategic priorities and operational discipline position the company to accelerate growth, enhance shareholder value, and capture long-term opportunities in the staffing market.
The writer may own shares of the companies mentioned. This communication is for informational purposes only. AI helped us with this. Check important info.