NNI: Management has an outstanding record of increasing shareholder value. With student loan payments starting up again (I read $12 trillion in outstanding loans will be activated) I think they are going to have some really good opportunities to expand their servicing business. Per management that business is also in a position to substantially benefit from AI. The company has a market cap of $4+ billion and approximately $1 billion in cash on the balance sheet. Also if the right opportunity presents itself I think they are willing to invest in and or acquire different businesses. A great example is their 23% ownership interest in HUDL. HUDL is worth doing some DD on...they are by far the dominant player in their industry. Over the past 10 years I've been fortunate to come across a half dozen situations where a company selling at a very reasonable valuation is sitting on an ownership position in a business that at one time was unknown or whose fortunes have changed for the better to the point where an IPO is a no brainer. My biggest winner was CNNE when they were holding a 30+% interest in Ceridian and even when Bill Foley would repeatedly mention on CC's that an IPO was most certainly coming the stock of CNNE remained in the low teens. After the IPO it would eventually be $40+ and Ceridian has since changed its name to Dayforce. When HUDL does their IPO I think we'll easily see it with a $10+ billion market cap. NNI is a Brooklyn Investor type stock where one buys it and sits back and watches management work 24/7 to increase the value of the company.

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