Hennessy Advisors, Inc. (HNNA) presently has a market cap of just over $70 billion. In the company's latest quarter, it was reported that the company had over $76 billion of shareholders' equity on the balance sheet. This means that the company is currently trading below book value. This metric alone usually makes us investigate further despite the fact that we are primarily dealing with intangible assets here.
Value plays make up a percentage of the positions in our portfolio. As our followers will know, we also hold strong dividend-paying blue chip names which