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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (43565)	7/26/2011 5:12:34 PM
From: Paul Senior	Respond to of 78782

Asset Managers: Rightly or wrongly, I only value them on assets under management. By my use of that metric Cowen is overvalued. However, that's most likely because Cowen is more than an asset manager, and so Cowen's enterprise value includes its other business too. Because I couldn't figure out the value of its combined operations, when I did own the stock and the stock declined, I lost my confidence, took my losses, and departed. At this point now, COWN at $4.01/sh is below tangible bv of $5.52 (per SI) as you report, and it has a psr that's lower than in previous years. So there would seem to be value there.