NEW YORK ( TheStreet) -- Value investing and a great deal of patience go hand in hand. It sometimes takes years for situations to play out, and there are certainly times that you second guess your investment thesis; times that you decide to throw in the towel. I've done that too early at times, and it takes discipline to stick to your guns.One current name that I've continued to stick with, although the timetable for value realization has continued to lengthen is Premier Exhibitions ( PRXI). It's a long story, but in a nutshell, the company owns an exhibition business, and more than 5,000 artifacts salvaged from the Titanic wreck site, associated intellectual property, and it remains salvor-in-possession of the Titanic wreck site. Obtaining title to all of the artifacts that Premier recovered from several expeditions to the wreck site took years. Now, converting those assets into cash seems to be taking just as long. The artifacts were appraised at $189 million several years ago, a figure that dwarfs the company's current $100 million market cap, but the collection must be sold in one piece, which was part of a court ruling.
Premier's attempts to auction the assets last year on the 100th anniversary of the Titanic sinking failed, and shares, which had a nice run-up in anticipation of a sale, fell sharply.