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Here's Merion Road Capital's Investment Thesis for Butler National Corp (BUKS) [Yahoo! Finance]
BUTLER NATL CORP (BUKS)
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Source: Yahoo! Finance
NASDAQ:AMEX Investor Relations: butlernational.com
PDF
A copy of the letter can be downloaded here . In the first quarter, Merion Road Small Cap Fund returned (7.8%) compared to (9.5%) return for the Russell 2000 Index. The
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