Boston Omaha (BOMN) is a young holding company with about 50% of its capital invested in the static billboard industry. The company seems to have created some interest among retail investors due to the co-CEO’s familial relation to a certain famous investor from Omaha, and on the surface BOMN’s letters are similar in style and format to those of the early Berkshire. The combination of these elements creates an interesting story and a stock valuation that applies a fair amount of belief as well as a willingness to look beyond the basic economics of their primary operating business.
I don’t want to give the impression that investing has much in common with gambling, but the nature of competition and the distribution of profits between players in the two fields have a lot in common. A parimutuel betting market such as horse-racing or sports-betting would be a much closer analogy, but I don’t think that’s as interesting as going with poker.