For years, Outdoor Holding Company (formerly AMMO Inc.) ( POWW ) tried to be both a high margin digital marketplace (GunBroker.com) and a capital-intensive manufacturer of ammunition. Unfortunately, it didn't work. The low margin manufacturing business obscured the profitability ofI'm a fundamental investor who targets situations where the market has pushed a company’s valuation far out of line with its underlying economics. My professional background in corporate financial analysis has deeply shaped my inv ...