The investment thesis here is one of the simplest ideas I've come across in a while. Associated Capital (NYSE:AC) is basically a big pile of cash and liquid investments that trades at a sizable discount to the value of those assets. It almost literally represents the ability to buy $1.00 worth of assets for $0.70. The stock trades around $28 per share and there is $40 per share of net cash, invest...

 

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