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Strategies & Market Trends : Value Investing

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To: IntoOLEDs who wrote (63006)	12/20/2019 12:15:29 PM
From: richardred	Read Replies (2) of 78751

RE- COWEN- FWIW- I find these important points moving forward and why it fits my hypothetical thesis. Under performers like COWN need consolidation. The way I see it and why I like it. Given the free trading now offered by many who offer retail brokerage. The biggies are concentrating on wealth management and growing total assets under the corporate umbrella. Hence the hypothetical value is acquiring assets in a company with a market valuation of > 500 million. Management owns about 8%. The firm already does business with many who are bigger and stronger. Given the long term history of this company. Current shareholders could say what have you done for me lately. The board throws bones with stock buybacks. IMO this is what attracts a pusher/Activist. Nothing might not ever happen, and I'm suck with a stock selling a good tad below stated book value. Good or bad I'll see what happens. >As of October 1, 2019, the Company had assets under management of $10.5 billion, a decrease of $1.6 billion and $0.4 billion from July 1, 2019 and October 1, 2018 respectively. >The Asset Co segment consists of certain of the Company’s private investments, private real estate assets and other legacy investments. While the Asset Co segment is not a reportable segment, the Company provides segment level information for Asset Co. >As of October 1, 2019, the Company had invested capital in Asset Co totaling $145.0 million. The largest investments in Asset Co in the third quarter 2019 were in Italian wireless broadband provider Linkem ($70.0 million) private equity funds Formation8/Eclipse ($40.9 million) and private real estate holding Surfside ($9.9 million).

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