This writeup covers TSR, Inc. (TSRI), a tiny, obscure company in a mediocre line of business – indeed, over the past decade it could be a canonical example of a cigar butt stock. For those who haven't heard that expression, the full metaphor is a stock that offers you an experience similar to walking along and noticing a cigar butt that someone has thrown away on the sidewalk, but which still has a puff or two left in it. If you're not proud, you can pick that cigar butt up and enjoy that last puff or two, before moving on to the next one. Despite this unappealing past, I'll argue that based on recent developments, TSRI may now have attained full cigar status – and you can still pick up the business for almost nothing over its liquidation value. For the skeptical deciding whether to continue reading, I'll also note that TSRI did garner some coverage in a recent article by SeekingAlpha luminary Jae Jun, and it has also been written up by Jan Svenda in his Microcap review (subscription required).
