Detroit Bear
Deep value, special situations, long-term horizon, value

A Net-Net Analysis: Gleacher & Co.

When it comes to value investing, I tend to shy away from net-net situations. Several legendary investors like Benjamin Graham and even the young Warren Buffett have made a fortune investing for this kind of value. Buffett's strategy has since moved to more long-term, quality asset buying rather than cigar butts.

Yet, when I see a company selling below book value, I get just as excited as I did after my initial reading of The Intelligent Investor. Gleacher & Co (NASDAQ:GLCH) used to be an investment bank started by legendary 1980's Wall Street master of the universe Eric Gleacher. Over the years, the bank has been bought and sold, but the bank is now shuddered and...

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