We have written about Hennessy Advisors (HNNA) in the past and on both occasions have taken a bullish stance. The reason being is that this asset manager at least on paper stacks up as a compelling value play. However, as the long-term chart shows below, price has continued to fall since we made those bullish calls in mid-2019.
This is what makes value investing so difficult. One has to be prepared to go against the underlying trend and remain ultra-patient until some green shoots present themselves. The one benefit for existing Hennessy shareholders is that