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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (33148)	8/6/2009 5:08:03 PM
From: Paul Senior	Read Replies (1) of 78656

Asset managers: FII. At current price and time, decided after all I don't like that most of FII assets managed are money market funds. I'm selling most of my position today; buying asset manager AMG now. AMG was the one to buy at the time - has been at least a triple from the lows then. Didn't see it or wasn't aware of the company at the time. Shoulda been - they own Tweedy Brown, Third Ave, others. My general rule, from the past anyway, is that asset managers are undervalued when they sell below 2% of assets under management. An adjustment should perhaps be made (but I will not) for debt instruments (bond funds/money market funds) which are less valuable than equity (stock) funds or private managed accounts. With AMG aum total now of $178.7B and 42M shares out., I calculate and claim that AMG is still undervalued until AMG is at 2% aum per share at $84.8/sh. AMG closed today at $68.20. finance.yahoo.com

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