Artio is a money-manager on a bad run. The company is still making money (the major costs in this industry are salaries, which can become variable when the need arises!), but assets under management (AUM) have fallen dramatically over the last several quarters. The stock price, however, has fallen even more. But at some point, the company's strong balance sheet must provide protection for the equity investor, even if AUM continues to fall. That time may be now!
Artio now trades for just $135 million, despite cash and investments of $134 million against debt of just $8 million! So what you have is a profitable company in an industry with low capital requirements that trades with a good amount of downside protection in the form of cash and marketable assets.
For more on this company, see here.
Disclosure: Author has a long position in shares of ART