Shares of billboard advertisement seller and surety insurer Boston Omaha (BOMN) are rising following a Friday profile of the company in the Wall Street Journal. SHARES DOUBLE SINCE LISTING: Shares of Boston Omaha, which is run by co-CEOs Alex Buffet Rozek and Adam Peterson, have more than doubled since listing on the Nasdaq Stock Market in June. The company, which recently reported third quarter revenue of $2.4M, has a market capitalization of over $447M with today’s advance. Rozek, who is Warren Buffett’s grandnephew, said the company receives no assistance from Buffett or Berkshire Hathaway (BRK.A, BRK.B) and does not advertise the link as he wants Boston Omaha’s results to stand on their own. “It’s not like there’s this private class that goes on for family members about business,” Rozek said. “If I wanted to learn, the best thing I could do is pick up an annual report and read the Berkshire annual report like anybody else.” Buffett, who doesn’t own Boston Omaha stock, said, “I think the world of Alex, but we don’t have anything to do with his decision-making or anything of the sort. He’s got a good mind, a very good mind, and he certainly has good values.” Boston Omaha, however. has shown some similarities to Berkshire, including an acquisition focus on companies with consistent earnings and strong competitive positions, running acquired companies independently and skipping earning calls for an annual meeting. The company, which does not currently invest in stocks, is 55% owned by Peterson’s Magnolia Group and 12% owned by Rozek’s Boulderado Group and other entities he manages. PRICE ACTION: Bank of Omaha is up 20.1%, or $5.69, to $34.02 in morning trading. Including Friday’s advance, the stock is up over 33% over the last two sessions.
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