Thomas Weisel Partners Group, Inc. (TWPG)

Believe $10 is the right price to initiate a long position in boutique investment bank, Thomas Weisel Partners. Stock price has been crushed off recent disapointing M&A and IPO results. They have a large exposure to the technology group, so they face considerable headwinds near term ...but current price seems to have already discounted these near-term challenges. Stock trades at only a 5% premium to companies' net cash position - placing almost no value on their investment banking, IPO and brokerage business - that seems extreme even to this resident financial bear. Along with FBCM (which just laid off 10% of its workforce), TWPG likely represents one of the better risk-adjusted opportunities in the financial sector for those with a 3-5 time horizon.