Scott Miller presented his in-depth investment thesis on Associated Capital Group (NYSE: AC) at Best Ideas 2016. Many investors, when looking at asset managers, underappreciate the balance sheet. Scott highlights two asset managers at compelling valuations when the balance sheet is factored in.

Associated Capital Group is a spinoff from Mario Gabelli’s GAMCO. Associated Capital Group has no sell-side coverage and has not been written up in any of the traditional value investing forums. Shares trade at a 25% discount to adjusted book value while sitting on attractive assets with the opportunity to grow. Sometimes spinoffs are garbage barges filled with toxic waste that the parent company cannot get rid of fast enough. This is not one of those situations. Mario Gabelli owns 75% of the outstanding shares and has announced a substantial buyback.

About the instructor:

Scott is the Founder of Greenhaven Road Capital, a boutique investment partnership that seeks out off the beaten path investments, modeled after the early Buffett partnerships. The firm is built on the belief that a focused investment manager can outperform an index by limiting fund capacity and by concentrating exposure on a few great ideas over a long time horizon. Experience as an owner-operator of businesses influence Greenhaven’s approach towards partially-owning companies rather than merely picking stocks. Prior to founding Greenhaven Road, Scott co-founded Acelero Learning, serving in a variety of roles over a decade from CFO to CTO, to Chief Strategy Officer to his current role of Board Member. Acelero Learning has grown from three people in an office “cube” in New York City to 1,100 employees serving 5,000 children across four states. Additionally, Scott managed a manufacturing business, with responsibility for hiring, firing, planning inventory, negotiating with suppliers and acquiring customers at a reasonable cost. Scott holds an MBA and a Masters in Education from Stanford University.

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