US Global

Cash on hand is 2.11 per share, 0 debt.
The stock is trading at 3.76
Lets simplify...
3.76-2.11= 1.65 which is what we are paying for the business

About15m share outstanding, so paying about 25mln for the company, which generates about 28 cents of earnings a year, if averaged over 9 years and includes years where gold and foreign markets were lousy. So about 13PE which is on the lower end of its PE range when the company showed profits and they didn't every year.

.28 * 9 years is $2.52 in earnings, so on a discounted cash flow basis (Present Value=Earnings (avg of 9 years)/Rate of Return) we know the present value(share price) is 3.76, earnings are .28, but not the rate of return. The rate of return currently factored (Rate of Return=Earnings/Present Value) is 7.4% and the expected earnings is .90 more than the share price, so if this were a bond we get 7.4% and a .90 appreciation to our shareholding. A ten year bond is paying 3.65% with a government that has in excess of a trillion dollars of debt so we are getting paid as a shareholder 102% (just factoring in Rate of Return) more than owning t-notes.

All these factors are excluding the fact that the business can grow and it won't be poorly mishandled and languish or go broke.

Cons:
Their flagship business is an Eastern Europe fund (EUROX) that is in a worrisome area such as Russia and their precious metals fund (USERX) can always be argued to have as a diversification tool, though the dollar is on a roll currently.

Pros:
Competitors funded by the government bailout may buy into this well managed company. Highly regarded due to its transparency. Has the ability to weather the storm due to ample liquidity and no debt.