Main Page

= =

Share Repurchases
https://corpgov.law.harvard.edu/2013/03/14/questions-surrounding-share-repurchases/ A few excerpts from the above: In order to come under Rule 10b-18’s safe harbor, a company and its affiliated purchasers, taken together, must meet all the following conditions:

1. Manner: all of the bids and purchases must be made through only one broker or dealer on any single day;

2. Timing: the purchases must not:

(a) constitute the opening transaction, (b) for a security that, during the preceding four weeks, has an average daily trading volume (ADTV) value of at least $1 million and a public float value of at least $150 million, be made during the 10 minutes before the scheduled close of the primary trading session in the security’s principal market, and during the 10 minutes before the scheduled close of the primary trading session in the market where the purchase is made, and (c) for all other securities, be made during the 30 minutes before the scheduled close of the primary trading session in the security’s principal market, and the 30 minutes before the scheduled close of the primary trading session in the market where the purchase is made;

3. Volume: the aggregate purchases on any given day must not exceed 25 percent of the purchased security’s ADTV. “Block” trades typically will be included in computing a security’s ADTV. However, once per week, “in lieu of purchasing under the 25 percent of ADTV limit for that day,” a company or its affiliated purchasers may make one block trade of its shares without regard to the volume limit, provided that it does not make any other Rule 10b-18 purchases on the same day. Purchases made pursuant to this block trade exception will not be included in computing a security’s ADTV for purposes of Rule 10b-18 volume limits; and

4. Price: the purchases must not be made at a price that exceeds the highest independent bid or the last independent transaction price (whichever is higher) quoted or reported in the consolidated system at the time the purchase is made.

The safe harbor applies on a daily basis, and a failure to meet any one of the four conditions will remove all of a company’s repurchases from the safe harbor for the day.

Generally, companies attempt to comply with Rule 10b-18. Companies typically enter into an arrangement with a broker or dealer that agrees to implement the repurchase program according to the companies’ instructions and in accordance with the requirements of Rule 10b-18. All of the major brokerage firms understand the Rule 10b-18 requirements and implement programs accordingly.

Reading

 * Berkshire's letters to shareholders:
 * Whitney Tilson's articles at Fool.com:
 * Some guy's list: http://www.investorgeeks.com/articles/2006/09/06/reading-list-for-the-investing-master/

Watching

 * TV/media expert Laura Martin (Harvard MBA) of Needham & Company and Capital Knowledge. (She asked sharp questions at Q1-2016 WWE earnings call.)
 * Her talks on media/TV (probably smart to watch for understanding WWE, VIAB, etc): https://www.ctam.com/events/pages/meet-laura-martin.aspx
 * On mobile monetization and it's importance: https://www.twst.com/interview/mobile-monetization-key-to-higher-growth-trajectory-for-internet-content-providers
 * Her 'tip' ranking: https://www.tipranks.com/analysts/laura-martin

Idea Generation

 * Good post for follow up companies: http://seekingalpha.com/article/4010102-10-micro-caps-never-heard
 * Interesting blog: http://www.oddballstocks.com/2012/03/value-mirage.html

Ideas
PRKA: http://www.otcmarkets.com/stock/PRKA/filings Industry Report - Starting a New Business Chapter
 * Spat with ex-CEO and 19% shareholder in 2009: http://www.prnewswire.com/news-releases/eastland-sends-open-letter-to-the-board-of-directors-of-parks-america-inc-61890297.html
 * Bowlin Travel Center (lacklust family company, but might have great land assets 'hidden' and have 0.5 bk to equity. Throws off a lot of cash, but consumes it via capex.
 * OTCQX:SMID (precast concrete seller on the east coast in West Virginia, North Carolina)
 * https://en.wikipedia.org/wiki/Precast_concrete
 * (TRY TO FIND AT SPL) US econ report on precast concrete: http://www.ibisworld.com/industry/default.aspx?indid=556:

The Precast Concrete Manufacturing industry produces a diverse range of concrete products with end uses ranging from ornamental to structural multistory support beams. Entry into the smaller niche markets may be achieved relatively easily, but significant barriers exist for entry into the major industry segments.

Existing manufacturers already enjoy an established market profile and product reputation within their regions. Leading players also have a high level of vertical integration into cement and concrete production, which affords them cost and resource advantages potentially unavailable to new operators. Furthermore, the difficult-to-transport nature of this industry's products places severe constraints on the geographic market a new player could easily serve
 * Precast.org: http://precast.org/2016/01/precast-forecast-2016/

NWPX
Northwest Pipe Company
 * 2016 outlook for large diameter pipe industry: http://www.freedoniagroup.com/brochure/29xx/2974smwe.pdf
 * GOOD THINGS:
 * No debt. Management seems reasonably able & focused on 'long term profitability'. Some ownership by management (could be more, if I recall.)
 * Large water pipe shipping must generally happen locally, it seems, so facilities aren't easy to reproduce.
 * Generally cash flow positive, assuming cap ex is wise and no silly acquisitions happen.
 * Was cheap relative when trading around $10 - $12/share to assets (trading ~40 - 60% at likely fair market value of assets).
 * CONCERNS:
 * uses of cash! Working capital will go up a bit. Will be 'cautious' in Q3 2016 with cash. GOOD!
 * Commodity product that's often the victim of municipal market downturns and no pricing power (due to too much capacity.)

HOPS
From this: Leading the way in North Carolina last year was Asheville's Highland Brewing Co., which notched about 38,000 barrels in 2014 and has set its sights on hitting 43,000 during 2015, according to a recent article in the Asheville Citizen-Times.
 * 2016-10-12: relative popularity on untappd.com: 'Monthly' ratings: AMB - 3258, Highland Brewing Co - 7599, Foothills Brewing Co - 8424, Wicked Weed - 35,995, Deep River - 1904, Natty Greenes - 2111.
 * 2016-11-03: relative popularity on untappd.com: 'Monthly' ratings: AMB - 3085, Highland Brewing Co - 7327, Foothills Brewing Co - 8308, Wicked Weed - 33,681, Deep River - 1837, Natty Greenes - 2115.
 * Conclusion: everyone's down a little bit, and AMB appears to be about the same relative to other folks (down ~6% in popularity, same as Wicked Weed. Other breweries down a big less, like 2 - 3%, but whatever.)

Close behind them was Winston-Salem's Foothills Brewing, which hit 32,487 barrels last year and now has a 50,000-barrel capacity at its brewery.

Greensboro's Natty Greene's recently increased its annual brewing capacity to 30,000 barrels, and it's now in the planning stages for an expansion that could cost as much as $10 million and help it hit a capacity of 100,000 barrels. OTC Pink Sheets: http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=hops&GDLTab=Financials Financials at morningstar (check for Q2 2016 release soon, maybe around mid-August 2016?): http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=hops&GDLTab=Financials Question from the below: where are the remaining 5.1 M Preferred B outstanding at...? (8,125,724 Preferred B shares outstanding as of May 16th 2016) Number of Shares Beneficially Owned and Percentage [as of May 16th 2016, per OTC disclosure linked above from otcmarkets.com] Sean Spiegelman   7,200,000 Common       89.57% 1,000,000 Preferred B     11.9% 9,998,889 Preferred A     99.9% CEO, President and Chairman Name and Address Stephanie Spiegelman 163 Boone Creek Drive Boone, NC 28607 Number of Shares Beneficially Owned and Percentage Stephanie Spiegelman 2,000,000 Preferred B 23.8% From Dec 31st 2015 year end financial press release: Revenue increased 79% to $1,735,418 compared to $968,470 year-end 2014 as wholesale distribution with Craft Brew Alliance continued to expand throughout Western North Carolina including one month of additional statewide release of its core portfolio in draft only. Gross margin remained strong at 65% for year-end 2015 as the Company continues to apply diligent cost control measures with all beer and cider production. Total barrels of beer produced for 2015 was 3,840, a 330% increase compared to 890 barrels produced in 2014 and 580 barrels produce in 2013 respectively. This increase is attributed to expanded demand for company products through its master distribution with Craft Brew Alliance. From July 6th, 2016 Press Release: For the three months ended March 31, 2016, revenue increased 47% to $511,743 compared to same reporting period last year. Total revenue increased 88% to $1,735,418 for year-end December 31, 2015 compared to year-end 2014. [= Rev/barrel of $451.93, way too high, and must account for food etc rev.]
 * Beer industry stats on major breweries (sales per barrel, etc) which sounds useful: http://www.wikinvest.com/stock/SABMiller_(LON:SAB)
 * More helpful financials, this time on otcmarkets.com: http://www.otcmarkets.com/financialReportViewer?symbol=HOPS&id=155279
 * Diluted shares, including full conversion of Series B (issued at $2.50/share, and having a discretionary dividend provision), would be 16.4 M shares (EXCLUDING the 10 M, apparently, of Series A outstanding, which require unanimous board approval to be converted to 4 * (# of series A + # of common shares outstanding) common shares.)
 * Series B info was found in the comments here: http://seekingalpha.com/article/3978918-time-belly-appalachian-mountain-brewery at this link: http://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR\2013\1230\54436784.Tif&documentNumber=L52786
 * At $1.55/shr * 16.4 M shares = $25.4 M valuation, which is between 13 K (~current 2016 production) - 52 K barrels/year at valuation (respectively) of $2000 - $500/barrel. There are other NC breweries close to that production, like Highland at ~43 K barrels in 2016. Lower cap ex seems possible due to CBA distribution and brewing (in Portsmouth, NJ) deal. Will that hurt the local brand...?
 * At $1.45/shr * 16.4 M = ~$22 M valuation, about 22 K barrels/year, which seems doable.

In the first six months of 2016, the Company has surpassed its total Craft beverage production for all three previous years combined since the Company’s inception (2013-2015) by over 30%. So, from 2013 - 2015, that's 580 + 890 + 3840 = 5310 barrels * 1.3 = 6903+ barrels in 1st 6 months of 2016 (run rate of 13.8 K barrels by year-end 2016.) From Q2 2016 quarterly report (end of 6/30/2016, submitted 8/15): Rev in Q2 2016 of $1.124 M & gross prof of $287.3 = margin of 74.4%, up from 65% for year end 2015 (probably lumpy though.) Op Inc was about 0 this year (1%), which is good! (It was negative ~20% for year-end 2015.) To add some color to that, according to Soundbrew, beer sold retail by the glass in a brewpub generates between $700 - $1,000 per barrel. By comparison, beer sold wholesale in bottles to distributors on generate about $145 - $190 per barrel.
 * Also, let's assume the diff in revenue between 2015 and 2014 (= $766,948) is due solely in increased beer sales (3840 - 890 = 2950 more barrels). This gives rev of 766948/2950 = $260/barrel, which seems reasonable, although maybe a little high. This also means 'fixed' revenue in 2014 of $968,470 - 890*$260 = $737,000 for a year, or $184,000/qtr. If we subtract that from Q1 and Q2 rev, we get 1260 barrels in Q1 and 3611 in Q2 (4871 total.) The actual number was > 6903, though, so maybe the rev/barrel is more like $183/barrel (or maybe it's dropped as a result of the distribution agreement...?)
 * Latest news: http://www.nasdaq.com/press-release/appalachian-mountain-brewery--announces-record-growth-20160818-00455 Need #s for barrels by channel in 2015 to compute new barrel figures!!! Ask IR for 2015 data?
 * Good article including data on per barrel revenues of beer: http://seekingalpha.com/article/3987711-smaller-craft-breweries-taking-market-share-big-brewers

Because most of its craft beer was sold at the AMB brew pub in Boone in 2013 and 2014, a very simplistic analysis of production and revenue showed a ratio between $884 - $1,037 in revenue for every barrel produced. In 2015, that figure dropped to around $451 in revenue for every barrel of production, presumably because of increased distribution
 * Article on BREW: http://seekingalpha.com/article/3985244-something-brewing-craft-brew-alliance

Questions send to IR
Q from me on 2016-10-04: Dear AMB investor relations - I'm trying to understanding the impact (on dilution/debt) of our company's preferred shares. I noticed here that only 3,000,000 of the roughly 8 million Preferred B shares are held by Mr & Mrs Spiegelman (who are apparently the only 10+% holders of those shares): http://www.otcmarkets.com/financialReportViewer?symbol=HOPS&id=155279

Could you please describe who holds the remaining 5 M of Preferred B shares? Are they members of the board, or other controlling parties, or were they sold to 'ordinary' shareholders?

Also, can you please confirm/explain the conversion features, and also any interest provisions, on these Preferred B shares? From this: http://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR\2013\1230\54436784.Tif&documentNumber=L52786 it appears that the shares can be converted 1:1 with common stock at any time with a conversion price of $2.50/share (i.e.: in exchange for giving up the $2.50 owed by the company per Preferred B share, the converter gets 1 share of common stock), with (majority) board approval.

Lastly, if each Preferred B share represents debt of $2.50/share, and there are 8.1 M shares outstanding, why doesn't roughly $20 M show up in debt on the balance sheet? Does the debt not have to be redeemed, and is therefore being treated as equity (and would presumably be shown diluting earnings, etc)?

If you could briefly described the Preferred A shares as well (I see Mr. Spiegelman owns all 10 M of them) in terms of the questions above, that would also be helpful.

Thanks for the help in understanding your financials! Ward Williams, shareholder

MENB - Mendocino Brewing Company
TOO DANGEROUS: looks to be headed towards bankruptcy, and no faith in the management. It's been losing money, and only the UK distributorship looks profitable. Maybe try to buy it as it comes out of bankruptcy once the debt has been solved...? Could be bought out, but that's the only hope/long shot.
 * ~75% owned by debtor and fugitive Vijay Mallya.
 * Initial DPO offering info from 1994: http://www.dfdpo.com/clientsum6.htm
 * SEC files: http://www.secinfo.com/$/SEC/Registrant.asp?CIK=919134
 * Amended articles of incorporation: https://www.sec.gov/Archives/edgar/data/919134/000089155402001878/d50241_ex3-1.txt
 * Write to H. Michael Laybourn: http://www.bloomberg.com/Research/stocks/people/person.asp?personId=1333734&privcapId=981591

Overview
http://www.otcmarkets.com/stock/MENB/profile
 * 12,611,133 outstanding at $0.205/share = $12.8 M market cap as of 8/18/2016. At 75 K barrels brewed, that's $34/barrel (BBL), which seems cheap, but maybe isn't since a bunch of that is probably contract, and might dry up (Kingfisher US/UK, for example) if Mallya sold his interest, since he owns UB which owns India's Kingfisher.
 * Only 736K in float, though, which makes sense, and is only $150 K, which is 6% of the company. 2,139 shareholders of record, though, somehow? Employees? Small time guys?

WWE

 * International concerns (despite growth in Network internationally.) Questions: do local stars & live attendance matter that much with the Network...? How does WWE fare vs AAA in Mexico (-1 to -.5 in ratings per some guy. Side ?: How do ratings work?) and New Japan Pro Wrestling in Japan, and also in other countries? Apparently UK & Australia are doing well, but no where else.) https://forums.2k.com/showthread.php?385863-How-bad-WWE-is-doing-Internationally-in-Popularity-Ratings-Attendances-etc

To research/watch

 * DIT - Amcon distributors and health stores

Portfolio

 * CURRENT: Wikinvest portfolio tools: seems promising! https://www.wikinvest.com/portfolio
 * DEPRECATED: finance.google.com, or this to track performance: https://www.fool.com/scorecard, BUT it doesn't have OTC stocks..., so you could use this https://www.google.com/finance/portfolio, BUT that doesn't compute XIRR or, I think, really compare a benchmark very well (not sure about that, and not sure about dividends).

Roth IRA brokerage

 * 1300 NWPX

Taxable brokerage

 * 744 BRK.B (down vs S&P over life of investment by pretty substantial amount: -53.80% (+43.8% vs S&P's total return of +97.58%)

Closed Positions

 * COH (loser by 35% vs S&P)
 * MVL (big winner by XX% vs S&P. The only reason this 'past' portfolio (pre-2016) was a net winner over the S&P.)
 * DIS (owned as result of MVL sale to DIS; should've kept it longer in hindsight, probably, but sold 7/2011!)
 * HOC (lose by ~30% vs S&P. Was -50% vs S&Ps -20% over same period)

Quotes

 * Marketwatch seems pretty good, even for OTC stocks: http://www.marketwatch.com/investing/stock/SMID
 * Yahoo! Finance is fine for exchange-traded stocks, usually, although sometimes it seems inaccurate: http://finance.yahoo.com

Idea Generation

 * Joel Greenblatt's stock market screener: magic value investing
 * Ben Graham Intelligent Investor screen:
 * Fat Pitch appears to show major investors in stocks: http://www.fatpitch.biz/cgi-bin/f.cgi/psp/extn/lmt_entry/cik.1598207.1059.html

Value Investment Shops

 * Wax Asset (they own SMID) http://waxasset.com/StrategyStatement.html
 * Tweedy Browne?
 * Tilson Parters: Whitney Tilson

Opinions and analysis

 * Motley Fool
 * Seeking Alpha

Insider Trading
This is tracked in SEC Form 4 submissions. Make sure to distinguish between actual open market stock buys vs Options and RSU grants/vesting
 * NASDAQ compilation of insider trading: http://www.nasdaq.com/symbol/nwpx/insider-trades (example for NW Pipe Co, Ticker: NWPX)

Form 4
How to Read SEC Form 4 – Transaction Code Definitions

General Transaction Codes

P – Open market or private purchase of securities S – Open market or private sale of securities V – Transaction voluntarily reported earlier than required

Rule 16b-3 Transaction Codes

A – Grant, award, or other acquisition D – Sale (or disposition) back to the issuer of the securities F – Payment of exercise price or tax liability by delivering or withholding securities I – Discretionary transaction, which is an order to the broker to execute the transaction at the best possible price M – Exercise of conversion of derivative security

Derivative Securities Codes

C – Conversion of derivative security (usually options) E – Expiration of short derivative position (usually options) H – Expiration (or cancellation) of long derivative position with value received (usually options) O – Exercise of out-of-the-money derivative securities (usually options) X – Exercise of in-the-money or at-the-money derivatives securities (usually options)

Other Sections 16b Exempt Transactions and Small Acquisition Codes

G – Bona fide gift L – Small Acquisition W – Acquisition or disposition by will or laws of descent and distribution Z – Deposit into or withdrawal from voting trust

Other Transaction Codes

J – Other acquisition or disposition (transaction described in footnotes) K – Transaction in equity swap or similar instrument U – Disposition due to a tender of shares in a change of control transaction

Read more: http://www.oldschoolvalue.com/blog/investing-strategy/sec-form-4-transaction-code/#ixzz4HcP22MmW

Research

 * Seattle Public Libraries: http://www.spl.org/library-collection/articles-and-research/business-finance-and-fundraising
 * Value Line: https://ezproxy.spl.org/login?url=https://research.valueline.com/secure/dashboard
 * CSI Market price to book ratios by industry (for P&C Insurance, in this example): http://csimarket.com/Industry/industry_valuation_ttm.php?pb&ind=705

SEC Filings at NASDAQ
http://www.nasdaq.com/symbol/nwpx/sec-filings

Chances of Startup success
From this in 2009: "I spoke with an investor recently who told me that 1,500 deals get funded (presumably by VCs?) / year in the US, 80 (5.3%) eventually sell for $50 million and only 8 (0.5%) eventually sell for $150 million or more."

Also, Band of Angels says their track record (since 1994 through 2016; presumably many are still in limbo) was 277 deals ($231 M) had 10 IPOs and 55 acquisitions.

General Startup Investing Guides

 * Tim Ferris 'Make your own MBA' (read part I too): http://fourhourworkweek.com/2010/07/05/how-to-create-your-own-real-world-mba-part-ii/

Startup Lawyers
https://bothsidesofthetable.com/how-to-work-with-lawyers-at-a-startup-cf4f15feb8d3#.b23cmpxit

Financing

 * Term Sheet roundup: http://www.feld.com/archives/2005/08/term-sheet-series-wrap-up.html

Convertible Notes
Kyle Hill, Bona-fide aesthete. Updated Sep 5, 2012 Typically, a convertible note has ten critical features;
 * Convertible note implicit liquidation preference overhang: http://siliconhillslawyer.com/2015/04/29/capped-convertible-notes-liquidation-overhang/
 * Very helpful example with 'cap table': https://www.capshare.com/blog/understanding-convertible-debt-and-how-it-affects-your-cap-table/
 * In-depth post series with helpful examples:https://dragonlaw.io/blog/post/fundraising-via-convertible-note-explained/
 * Helpful slide show: http://www.slideshare.net/MarkHaddad/understanding-vc-term-sheets
 * Typical convertible note terms for (Silicon Valley, etc) startups? https://www.quora.com/What-are-some-typical-terms-in-convertible-notes

(1) Amount—which usually ranges from $25k to $500k and higher; (2) Duration—how long the note has to mature, which is usually at least 24 months; (3) Interest—the simple interest rate that will be accrued, which is typically around 6%; (4) Discount—the discounted price paid by qualified investors in a next qualified round, which ranges from 20-30%; (5) Conversion Cap—the maximum valuation cap that the shares can convert in the next qualified round; (6) Liquidity Event—the amount paid back to the investors in the case of an acquisition, which is usually 2X or 3X; (7) Maturity Terms—specifies what happens if maturity is reached before raising a Series A or other qualified round (usually the shares convert at a pre-negotiated valuation that is close to the cap amount); (8) Pre-Payment—allows or disallows the company to pay back the principal to the investor. If this is permitted, you will also need to negotiate whether or not to require prior consent from the investor before prepaying the principal, because this usually isn't what the investor wants; (9) Qualified Round—essentially sets the minimum aggregate proceeds that need to be raised in the next round of financing in order for the investor's note to be eligible for conversion. This is usually $1.5M or more (Series A). And lastly, (10) Type—the loan can be secured or unsecured. Most convertible notes I've seen have been unsecured.

It's important to remember that the conversion in the next qualified round shall be the lower of (i) a [discount%] of the Series A preferred stock share price, or (ii) the price-per-share assuming the Series A pre-money valuation was set at [cap amount]. For more info, here's a great resource on convertible debt fundraising: http://flwtb.co/Mer75t

Liquidation Preferences
Basically, be very wary of VCs/companies that give more than 1x liquidation preferences. Also, 'full participation' seems like a scam too (I think it means AFTER the VC gets the entire amount of 'liquidation preference' (equal to their initial investment if 1x, or (shudder) DOUBLE their initial investment if 2x, etc), the remaining amount is split up at the proportion of equity that the VCs (preferred) shares represent: http://www.businessinsider.com/how-liquidation-preferences-work-2014-3
 * Example: VC has 1x liquidation preference with (I think) 'full participation' and buys $10 M of company with $20 M post-money valuation, and therefore owns 50% of the company. Company doubles in value to $40 M and is sold. VC first takes out its initial 1x investment of $10 M, leaving $30 M left. BUT, VC also gets 50% of that, or $15 M, so VC takes home $25 M, leaving only $15 M for common stock shareholders. They gained 50% on their investment (1.5x), but the VC gained 150% (2.5x).

Startup Equity guide for employees
Learn the three standards that define Startup Equity and three questions to ask to know if you have the real thing. 1. Ownership - “Can the company take back my vested shares?” 2. Risk/Reward - “What information can you provide to help me evaluate the offer?” [how many shares are outstanding (e.g: what % of the company will I own)? What are the liquidation preferences of Preferred shareholders?] 3. Tax Benefits - “Is this equity designed for capital gains tax rates and tax deferral?” [WW: Examples of equity with tax benefits include Incentive Stock Options (ISOs), Restricted Stock + 83(b) election, Early Exercise NQSO + 83b election]
 * Startup employees bill of rights: http://stockoptioncounsel.com/blog/startup-equity-standards-a-guide-for-employees/2014/4/15
 * 3 ways VCs and CEOs screw over startup employees: http://www.businessinsider.com/this-22-year-veteran-of-startups-says-employees-are-getting-screwed-by-vcs-and-ceos-2014-3

Extras to ask for
These should all be thrown in for free, assuming they're available, which they should be 'cause white people don't eat them:
 * Offal: including the heart, ox tail (simmer for 3 - 4 hours and make pho, kare kare, or Korean ox tail soup), tongue (slow roast or braise and make into tacos or slice and eat cold. So good!), and liver (might be inedible in the sense that mine tasted so much like a farm/barn that I couldn't eat it, and I generally love liver, but worst case you can give it to the dog!)
 * Soup bones (usually come with some tasty meat on them too. Get a stew going!) Ask for the neck bones too for delicious soup.
 * Fat (the 'leaf lard' around the kidneys, known as suet, I believe, make excellent tallow): I ask for 10 (with a 1/4 cow) - 20 (with a 1/2) lbs of the stuff

Cuts of beef
See this butchering checklist to instructing your butcher IF you get a 1/2. With only 1/4, your options are limited to nil since you gotta split with a stranger:
 * Overview: This has a nice picture of the different sections of beef: http://thatmamagretchen.com/2014/07/what-to-tell-the-butcher-when-you-order-a-quarter-beef.html
 * http://galvinell.com/pdf/butch.pdf
 * http://galvinell.com/pdf/BEEF-BUTCHERING-FORM.pdf
 * or this one: http://sfc.smallfarmcentral.com/dynamic_content/uploadfiles/751/CustomerBeefCutOrderForm.pdf
 * This one helps you determine what you should expect to get (and gives you one potential configuration): http://www.newgrassfarm.com/ordering-quarters-halves-whole-beef


 * Also think about specifying the fat % of the ground beef. Ask the butcher that 'typical' is. I'd guess somewhere around 20 - 25%. I personally love fat, but might recommend 30% as a max, 'cause even at that level you get a lot of rendered fat in the pan, which is fine in saucy dishes like tomato sauce, but not as easy to deal with in 'dry' taco meat.
 * Your butcher might give you the option (for free or a small extra charge, like $0.70 / lb) to have some of your ground beef shaped into hamburger patties, which is really handy and well worth it considering your time.

Individual Cut 	Quarter/split half 	Half Beef 	Whole Beef Chuck Roast 	10-12 lbs 	20-24 lbs 	40-48 lbs Rolled Rump Roast 	3 lbs 	5-6 lbs 	10-12 lbs Sirloin Tip Roast 	3 lbs 	5-6 lbs 	10-12 lbs Round Steak, or Stew Meat 	3-4 lbs 	6-8 lbs 	12-16 lbs Ribeye Steak 	2.5-3.5 lbs 	5-7 lbs 	10-14 lbs NY Strip Steak 	2.5 lbs 	5 lbs 	10 lbs Sirloin Steak 	2 lbs 	4 lbs 	8 lbs Tenderloin Filets 	1.5 lbs 	3 lbs 	6 lbs Flank Steak 	.5 lbs 	1 lbs 	2 lbs Skirt Steak 	1.6 lbs 	3.2 lbs 	6.4 lbs Brisket 	2 lbs 	4 lbs 	8 lbs Short Ribs 	2 lbs 	4 lbs 	8 lbs Soup bones with meat 	4 lbs 	8 lbs 	16 lbs Liver 	1 lb 	2 lbs 	4 lbs Ground Beef 	45-50 lbs 	90-100 lbs 	180-200 lbs Total amount of beef 	84-93 lbs 	 168-186 lbs  	 336-372 lbs Approximate Freezer space needed 	3 cubic feet  	6 cubic feet  	 12 cubic feet

Advice from Splendid Table: http://www.splendidtable.org/story/how-should-the-butcher-prepare-my-cow: First of all, you want the meat aged for about 3 weeks, and not in plastic. A lot of times they'll take the primal cuts, the big cuts of the steer, and they'll just put them in Cryovac and tell you that the meat has been aged. Aging dehydrates the meat and gets enzymes going to make it taste delicious. You want it hung. And if they do any kind of aging at all, they're going to know it.

Now, you're going to lose some weight with that, because they're going to have to trim off mold. Crustiness develops, and it's not harmful, but they have to trim it off. You're going to pay for weight and then it's going to be lost.

If the animal is divided from nose to tail, you want them to keep for you the hanger steak, the skirt steak, the flank steak, the belly and the short ribs. You also want the shanks; the best stew comes from the leg of the animal, so you don't want them to skip giving you the shanks. You want those cheeks, the tongue and the liver. And the other thing is that you want to ask them to cut the chuck (the shoulder) into a seven-bone pot roast, a chuck arm roast. These are things you're going to cut up to make burgers, or you can just cook them whole.

Then what you want them to do is dress out the entire top loin, because the top loin is where the great steaks come from. Dress out means to cut that top loin as a solid piece of meat with no bone in it, because then you have the option of slicing it into steaks or treating it as an entire roast, which could be stunning. If they're going to be freezing it, you want them to cut that into steaks 1 1/2 inches thick. Nothing thinner than that.

The rib area is the other area that's utterly prime -- you can have part of that cut as a rib roast, which could be a holiday treat. Then you could have the rest of it cut into thick steaks.

And you do want the bones. You want the shank cut into 2-inch thick slices across the bone. That is going to give you some of the most phenomenal stew you'll ever eat in your life -- the bone, the marrow and the meat. And you want the neck, because the neck is also going to give you phenomenal stew meat.

-Lynne Rosetto Kasper This was helpful too: http://www.chowhound.com/post/cow-butchered-929927?page=3, and including advice such as: Be very forceful/clear about you wanting the the tongue, brisket, short ribs, bones, etc.

I ask for the ground to be packaged into 1 pound packages. I ask for flank steak, flat iron cut, brisket, t bone, ribeye. I like the tail too. I usually get two oxtail packages from one steer. Femur bones cut for soup

I always made sure to ask for bones (for stock and for the dogs). Do go for the "cube steaks" if that's an option... they make great sandwiches and Chicken Fried Steak. Get the tenderloin, not the porterhouse steaks, if that's an option. I always asked for the brisket (they'll usually grind it if you don't ask) and to have the chuck cut into small roasts... I could always grind them, if I wanted, or cut into chunks for stew or cook as pot roasts... gives you lots of options. I always asked for 2" steaks, knowing they'd be 1" or a little more at best (for some reason, our butcher just wouldn't cut them THICK).

Splendid Table

 * Eat radish greens: http://www.splendidtable.org/story/try-radish-greens-in-sandwiches-or-salads
 * Roast beans: http://www.splendidtable.org/story/dont-overlook-roasting-as-a-cooking-technique-for-beans