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![]() The US and China have one common attribute – in both countries the dredging industry is considered very protected. As recently as 2005, the US Supreme Court reaffirmed the dredging industry, and the various specialty vessels it employs, was subject to the Jones Act. In the dredging industry, there is only one investor-owned firm, Great Lakes Dredge. Utilities and energy infrastructure are two well-known industries which benefit from these types of market restrictions and offer investment selections that cross market capitalization. Through the 1920 Jones Act and the 1906 Foreign Dredging Act, the US government severely restricts foreign participants from competing in the domestic dredging market. I was surprised when first researching Great Lakes Dredge to learn of the industry protection and support given by the US federal government. My article from Nov 2019, “Great Lakes Dredge & Dock: Underfollowed Civil Construction Firm With Multiple Long-Term Tailwinds” outlines in more detail the attributes of the dredging industry. This includes harbor and waterway maintenance, coastline restoration, and offshore construction projects. What is dredging? It is the process of moving the seabed from one location to another. Investor Walter Thornton trying to sell his Chrysler Imperial “75” Roadster for $100. ![]() Most importantly, much like utilities, the dredging marketplace is a protected industry. These include a very dominant market position, utility-like market support, an improving balance sheet, and a laser-focused management. Trading at a P/E of just 10x, GLDD has many unique attributes that should attract more investor attention, especially once the portfolio rebuilding stage begins. Little known Great Lakes Dredge & Dock ( NASDAQ: GLDD) is a small-cap growth company that is so far under most investors' radar that it goes mostly unnoticed. Looking for a “port in the storm”? Aren’t we all? I have found what I believe is an interesting place to put a bit of my larger-than-usual hoard of cash to work. ![]() ![]() In the Echoing Nightmare, players will experience an intense, densely packed, increasingly challenging event that stretches their ability to stay in the fight as long as possible. ![]() This is our first Seasonal Theme that introduces a new activity to the game. In Season 26, we introduce the Echoing Nightmare. Will these Nephalem heed the whispers of atonement of fallen heroes and survive their echoing nightmare? Or will they be forever trapped, becoming just another fallen Nephalem? Only time will tell. The souls of heroes defeated in the eternal struggle against evil call for aid! Astute Nephalem will listen to the petrified screams of the dead, and find themselves attuned to the last agonizing moments of the departed. ![]() We are expecting this update to be released on April 12. Read on to learn more about the season theme and balance changes coming in Patch 2.7.3. ![]() Season 26 will begin on April 15, at 5PM (PDT/CEST/KST) shortly after our next Diablo III update. ![]() |
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