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Editor's notes: ASFI's accounting obscures a great deal of value. With adjusted book value nearly double the current share price, buying shares is a great deal for management or investors.

Quick summary: Asta Funding (ASFI) is trading well below both liquidation value and its dramatically understated book value. With several catalysts on the near horizon, the stock presents an outsized risk / reward opportunity.

Recently, I was inspired to write down some thoughts on Buffett's investment in Sanborn Maps after leafing through my copy of Of Permanent Value. That post, in turn, inspired me to write up a stock that I think shares many of the characteristics that made Sanborn Maps so attractive to Buffett: Asta Funding.

Let's start with some background. Asta Funding is an oft-misunderstood consumer receivables financing company (in fact, I even wrote up a rebuttal to the short case on Seeking Alpha...

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