Madison Square Garden
MSG
position
long
Mario Gabelli
Thesis
Madison Square Garden is trading in the low $20s with no debt and $300 million in cash, making it an attractive investment. The company is refurbishing its arena and has valuable assets in the form of two sports teams, the Knicks and the Rangers, which could be worth significantly more than the current share price.
Did it work?
worked
confidence: high
The stock price has increased by 1856.8%, which significantly exceeds typical investment returns and aligns with the long thesis that Madison Square Garden was undervalued due to its cash position and valuable assets. The refurbishment of the arena and ownership of the Knicks and Rangers likely contributed to this substantial appreciation in value.
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