Mr. Big <evanble...@gmail.com>

I think i agree with your post, for the most part. As with Buffett,
there are a couple of major differences: Buffett owns common stock
available to the public, and the shares are listed. This allows for
more transparency.

But I think you made a good point. its not the case that all dual
share structures are bad for investors. Majority ownership was never
an issue with me, however.

You also wrote that, "in terms of profitability, if we look at the
FCF, ROIC or CROIC, we
can see that KSWS is a profitable company," but I am curious to know
if you factored in the value of the assets that the company has
operating leases on. Operating leases are carried off the books, and
those are assets that are needed to earn revenues. Any metric looking
at assets is only useful if all tangible assets are accounted for in
the measurement. I guarantee you that when you include operating
leases the profitability will be a lot lower.

Good luck!

Big.