Update on Caldwell Partners (CWL.A)

Caldwell released their first quarter results. The company burned through another $677K, leaving $9.4 million in cash and securities. Revenue increased slightly, but expenses increased more. Management continues to claim this is just them shoring up to take advantage of the recovery. I hope that's true. The company remains good value on paper, but time will tell if this a value trap or not. I continue to hold my shares.