Earnings360 Newsletter for 11/26/2024

Dressed head to toe in black, she was known as The Witch of Wall Street—Hetty Green was ridiculed for her frugality, but when banks were collapsing in the Panic of 1907, she quietly wrote a check for $1.1 million to keep the National Bank of Commerce afloat, and when New York City couldn't meet payroll in 1898, it was Hetty who saved them. Her most famous investment was during the Civil War when the Union printed colossal quantities of paper greenbacks that dropped as low as 50 cents against the gold-backed dollar, but Hetty predicted the government would honor their debts and bought up all the greenbacks she could get, making an absolute fortune worth tens of millions in today's money when the U.S. government redeemed them at face value. What Erez and I have discovered is a modern-day equivalent of this trade—a multi-billion asset hiding inside a boring blue-chip stock Wall Street has completely mispriced, an asset worth more than the entire business itself but invisible on the books, and five major catalysts are converging with the first one recently triggered.