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Glad I sold out of this over $30. But when to get back in (not whether, I really like this company).

CNS is @$17.60 today with a cap of $731M and EV of $519. According to the transcript (which I haven't yet read), assets under management were $24.6B -- at the end of September. The market has been in a brutal sell off since then (and yeah, before then too), including or especially REITs, which make the majority still of Cohen's product holdings. The Vanguard REIT index is down about 33% since 9/30.

So lets say AUM gets clobbered an additional 25% since the call (which would be just brutal). That would leave $18.45B. So CNS has an EV of about 3.7% of AUM. I'm a buyer at 3% so I missed this at $14. Under $16 I'm likely nibbling again (10 days from now anyway).

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