Our report on Melcor is updated and rated Strong Buy at $13.82. The stock price has fallen substantially over the course of the developing recession in Alberta since the Spring of 2014. According to the financial statements each share represents equity ownership of $29.37 in assets. The assets consist of roughly equally of rental retail and commercial buildings and land (in various stages of development from raw land to finished lots) for future home building lots. The land and buildings are largely in Alberta. So, this appears to be a chance to buy dollar bills for 47 cents. It is true that the value of commercial buildings and land in Alberta could fall. But there is a considerable margin of safety here. The equity is leveraged by debt but not excessive debt which makes for a better margin of safety compared to highly leveraged equity.