1300 Smiles achieves excellent returns on investment and the Managing Director, Dr Daryl Holmes, appears to have a lot of integrity. He proudly supports charity and owns over 60% of the company, which he founded. The company boasts impressive earnings growth since listing in 2005. The company is providing low cost dental care. The business of the company is to help dentists run more more profitable businesses by allowing them to focus on what they do best: treat patients.

One of my favourite small cap companies, Beyond International (ASX: BYI) has announced a joint venture with Seven Network, owned by Seven West Media (ASX: SWM). Beyond Productions will join forces with Seven to create new programs for the North American market.The JV will be called 7Beyond and is based in Los Angeles.

Clover Corporation (ASX: CLV) owns technology that allows them to turn fish oil into a power. Fish oil is a well-known source of Omega-3 which plays a crucial role in brain function. It is normally contained in breast milk and is included in baby formula, and that’s where Clover comes in. 67% of Sales are into Oceania, and that's where the growth is. The company has two divisions. One is responsible for product innovation, the other, Nu-Mega Ingredients, is responsible for commercializing the products. Note: See this edit regarding the ethics of this company.

About 2 months ago I wrote about My Net Fone. By way of history, I had sold my shares at about $1.50 earlier in the year, but the fall in the share price to below $1.20 prompted me to write a short article, in which I concluded (conservatively) that the company would earn about 6c per share. Having thus justified my decision not to buy shares at $1.20, I carefully avoided considering whether affirmation bias might have swayed me (after all, I had decided the shares were over valued at just $1.50). Further evidence that I have a way to go developing my investing temperament.

About a month ago I wrote this article in which I estimated that I would have to buy shares in Codan at $1.81 in order for the investment to meet my required return on investment, assuming that results largely reflected my predictions in this update to subscribers. I also examined some of the risks facing the company.

Beyond International (ASX: BYI) have reported results that were slightly worse than my expectations. The core businesses remain strong, but the digital acquisition has floundered. I sold my shares in Beyond at $1.50, although they last traded at $1.66. I believe the company has no margin of safety, and is potentially overvalued at the current price. The company has no debt and has cash of over $10 million. This article may seem negative to some... but really, it's because I'm holding Beyond up against high standards. This is a well run company.

The purpose of this article is to follow up on comments I made available to Newsletter subscribers about a month ago.

Not everyone I’ve talked to sees the same value I do in Energy Action (ASX:EAX) so I thought I would share this valuation with my readers; please feel free to let me know what you think.

I recently wrote this article for the Motley Fool about up-and-coming VOIP reseller My Net Fone (ASX:MNF). In that article, I alluded to the fact that it is quite difficult to track the growth of My Net Fone, because of all their acquisitions. What is clear, is that the impressive earnings per share growth has been buoyed by acquisitions, in particular the acquisition of Symbio. If this is the case, we can expect further earnings per share growth resulting from the company’s most recent acquisition spree. However, in recent halves there is no solid evidence of organic growth. That in itself is not necessarily a bad thing, but I think it needs to be taken into consideration when analysing the stock.

Beyond International has a long history of profitably producing niche television shows and effectively managing the copyright of those shows. The company also buys the rights to programs it doesn’t produce, and sells them into new markets. These activities account for most of Beyond’s profits, and I believe that this is where the company has a competitive advantage: a rare mix of knowledge, experience, networks and intellectual property. However, the company has four revenue streams.