Jacob Ma-Weaver of Cable Car Capital has published his latest investor letter, which is worth a read. You can access and download it here. It includes a detailed discussion of his firm’s longtime holding, Pangaea Logistics (PANL). He also briefly discussed NetDragon Websoft, which he feels trades at a reasonable valuation given its “assets, cash flow and prospects.”

In his view, the gaming business continues to perform well as it navigates the transition from desktop to mobile. Meanwhile, NetDragon is “testing new monetization strategies in its acquired international education businesses while growing the user base of its domestic K-12 platform.”