Often spin-offs are fertile ground for value investors, as are industries that are temporarily out of favor due to short-term issues. When you get an investment that combines both of these characteristics, combined with a stock price that is significantly below the net asset value, there is a real opportunity to make money for the patient investor. ING U.S. has been rebranded Voya Financial (NYSE:VOYA), and I believe that this hidden gem provides a great opportunity to buy a decent business at an outstanding price. Clearly, there will be issues from legacy life insurance policies, which were underpriced relative to the risks and the challenging macroeconomic environment, but when the value you receive is substantially more than the...
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