Posted on 02/16/2015 12:41:32 PM PST by Lorianne
Markets are allowed their petty indiscretions, of course. But these petty indiscretions seem to be piling up.
Bloomberg last week drew attention to the fact that shares of The Grilled Cheese Truck Inc. had commenced trading on the OTCQX marketplace under the ticker GRLD:
“Let’s look at the fundamentals of the Ft. Lauderdale, Florida-based company. Based on the 18 million shares outstanding and a recent stock price of $6 the company has a market value of about $108 million.
No matter how much you like grilled cheese… I can’t see this as a reasonable valuation.
“If you go to the company’s website, you will learn that ‘The company currently operates and licenses grilled cheese food trucks in the Los Angeles, CA area and Phoenix, AZ and is expanding into additional markets with the goal of becoming the largest operator in the gourmet grilled cheese space.’
“[A]ccording to the company’s financial statements, it has about $1 million of assets and almost $3 million in liabilities. In the third quarter of 2014, it had sales of almost $1 million, on which it had a net loss of more than $900,000.”
“I can’t think of a more interesting sign of the old irrational exuberance in equity markets than a publicly traded grilled cheese truck (four in this case) business trading at a $100-million-plus valuation. That sort of thing doesn’t happen unless there is significant excess in the markets.”
Any reference to a company seeking to dominate the “gourmet grilled cheese space” is desperately seeking a twin reference to a slogan from late 1999 (right before the bubble burst):
“Our business strategy is to lose money on every sale but make up for it in volume.”
(Excerpt) Read more at zerohedge.com ...
Sorry, fresh out. Reminds me of a Futurama episode, Fry is reeling off a list of what’s wrong with L.A., last one was “And everything’s got cilantro on it!”
You got me there.
Sounds great. I’ll give that a try. We got our daughter “The Cowgirl Creamery Cookbook” a year ago for Christmas. It’s a small cheese operation in Marin County becoming well known for excellent cheeses. There’s a recipe in there for a three-cheese grilled cheese sandwich that is excellent.
Sounds like you must be around Philly. I loved visiting Mom & Dad when they lived there to get the great cheesesteak sandwiches. Yum. Kaiser rolls were my Dad’s favorite — you don’t hear mention of them much any more it seems. Mom used to warm a roll for Dad in a pot on the stove top every morning.
Or just have a Baconmobile. Bacon: Where all your dreams come true.
>> Pie Floaters.....A crusty shiny brown meat pie .....
Hey, I made one of those this morning.
Had a couple cups of coffee first, to get moving...
That one’s a keeper.
Somebody in DC loves Indonesian food so much that he stole a poor guy’s sate truck.
I was a little surprised at first to find out how much it was worth, but after thinking about how much it must cost to meet all the regulations in DC, I understood.
In NW Ohio, but would like to try the real Philly cheesesteaks someday! The little shop I order from has been a local institution since it opened in the mid 80’s. Cheesesteaks, hoagies, wings. They do use Amoroso’s rolls, from Philly. Sometimes I go in and buy a bag of rolls, but pricey at a buck each. But when the project demands perfection...
You can run any business as long as you can borrow money.
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