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Geoff Gannon February 14, 2021

Silvercrest Asset Management (SAMG): A 4% Dividend Yield For an Asset Manager Focused on Super Wealthy Families and Institutions

Silvercrest Asset Management (SAMG) is an investment manager. It looks cheap if you expect it – as has been the case in the past – to do a good job of keeping its clients and keeping those clients keeping about as much money with them as before. However, most publicly traded asset managers are cheap stocks, because they have experienced – and investors probably expect them to continue to experience – redemptions. In some ways, Silvercrest looks a bit closer to Truxton (TRUX) – another...

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Geoff Gannon February 11, 2021

Investors Title Company (ITIC): A Strong, Consistently Profitable Regional Title Insurer Trading at a Premium to Book Value

This stock was brought to me by Andrew. He wanted to know more about the title insurance industry. ITIC is a publicly traded (it trades on NASDAQ) regional title insurer. There are four large, national title insurers that account for 80-90% of all title insurance market share in the U.S. However, in some states – the leading title insurer is a homegrown operation. These companies are known as “regional” title insurers. ITIC was started by the Fine family in the 1970s (it became operational midway...

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Geoff Gannon February 7, 2021

Alico (ALCO): A Florida Orange Grower Selling Land, Paying Down Debt, and Focusing on its Core Business

Alico (ALCO) is a landowner in Florida. The company is – or is quickly becoming – basically just an owner of citrus groves that produce oranges for use in Tropicana orange juice. The majority of the land Alico owns is still ranch land. The company has about 100,000 acres in Florida. Of this about 55,000 acres are ranch land and 45,000 acres are orange groves. The book value consists almost entirely of the actual capitalized cost of the orange trees on the land. The land...

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