In Q2 investor letter, Greenhaven Road Capital discussed Ashford Inc (NYSEAMERICAN: AINC) as well as other companies – we’ve already covered the hedge fund’s investment thesis on Fiat Chrysler Automobiles. In this article, we’re going to focus on comments made by Greenhaven founder and portfolio manager Scott Miller about Ashford in the letter. Miller believes that the company could easily double its share price by addressing certain issues and treating shareholders fairly. Let’s take a look at Miller’s comments.
Ashford Inc. is the manager of two hotel REITs and has a series of investments in the hotel space. The company is the brainchild of Monty Bennett and, as detailed in our Q1 letter, is the optimal place to invest within the Ashford company complex. Monty has built a very scalable business that should be able to monetize the growth of the underlying REITs, Ashford Trust and Braemar (formerly Ashford Prime), which should be the largest driver of the financial success of Ashford Inc. On a positive note, Ashford Inc. announced an innovative financing program that uses excess cash at the AINC level to help finance new hotel purchases at the Ashford Trust REIT.
My concern, however, is that I may have committed an “own goal” here for the partnership by underestimating Monty Bennett. When Ashford Inc. was spun out of Ashford Trust and Braemar (Ashford Prime), Monty took all of his deferred compensation in Ashford, Inc. stock and has since aggressively granted stock options and purchased shares in the open market – he clearly wants to own AINC. I knew that the company had an unconventional board of directors with several members lacking any other public markets experience. One member runs two restaurants. Another closed a golf business to become an insurance salesman. A third is involved in a printing business that historically does business with Ashford and the underlying properties. On paper, it appears to be a group grateful to Monty for their board positions and compensation vs. a group who might hold Monty in check. As we were acquiring our shares, I also knew that it was likely that Ashford Inc. would buy a project management business from Monty and his father. The high margin targeted business, Remington, manages renovation projects for hotels. Ashford had tried to buy the business before, and the most recent iteration of the deal was announced in April.
Unfortunately, as currently conceived, shareholders will not be allowed to vote on the transaction, which will ultimately increase the AINC share count by more than 50%. In my view, if it is a good deal, let shareholders vote. Ashford also surprised shareholders when the company recently disclosed the intent to buy a second business, also from Monty, related to property management.
In my opinion, the company should address its massive and easily fixable governance discount. The value of the second potential acquisition (making a few assumptions) will only modestly increase the overall Bennett family ownership of Ashford Inc. I thought we were at a point where it was in everybody’s interest to fix investor concerns and let the beauty of Monty’s creation shine, but it appears that we are not there yet. AINC’s share price could easily double by addressing these concerns and treating shareholders fairly.
As such, I am evaluating our options. Greenhaven is a substantial shareholder and has the resources to become more substantial, if desired, and we are in contact with other shareholders. I know that our LPs collectively manage billions of dollars and have hundreds of years of experience. I am open to thoughts, resources, and strategies on how to best move forward. The core business is incredibly resilient, scalable, and poised for substantial earnings growth. Its issues are fixable. To mix sports metaphors, I want to realize the home run potential, not the own goal potential.
Sorin Colac/Shutterstock.com
Ashford Inc (NYSEAMERICAN: AINC) provides asset management and other services to companies within the hospitality industry. The company serves as the advisor to two NYSE-listed real estate investment trusts, Ashford Hospitality Trust and Braemar Hotels & Resorts. Ashford shares have lost 20.19% of their value since the start of the year. However, the stock has jumped 17.57% over the past three months and 23.17% over the past 12 months.
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!
AI is eating the world—and the machines behind it are ravenous.
Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.
Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:
Where will all of that energy come from?
AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.
Even Sam Altman, the founder of OpenAI, issued a stark warning:
“The future of AI depends on an energy breakthrough.”
Elon Musk was even more blunt:
“AI will run out of electricity by next year.”
As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.
And that’s where the real opportunity lies…
One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.
As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.
The “Toll Booth” Operator of the AI Energy Boom
It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.
Trump has made it clear: Europe and U.S. allies must buy American LNG.
And our company sits in the toll booth—collecting fees on every drop exported.
But that’s not all…
As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.
AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.
While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.
AI needs energy. Energy needs infrastructure.
And infrastructure needs a builder with experience, scale, and execution.
This company has its finger in every pie—and Wall Street is just starting to notice.
Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.
While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…
This company is completely debt-free.
In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.
It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.
And here’s what the smart money has started whispering…
The Hedge Fund Secret That’s Starting to Leak Out
This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.
They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.
Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.
And that’s for a business tied to:
The AI infrastructure supercycle
The onshoring boom driven by Trump-era tariffs
A surge in U.S. LNG exports
And a unique footprint in nuclear energy—the future of clean, reliable power
You simply won’t find another AI and energy stock this cheap… with this much upside.
This isn’t a hype stock. It’s not riding on hope.
It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.
This is your chance to get in before the rockets take off!
Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.
AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.
The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.
As an investor, you want to be on the side of the winners, and AI is the winning ticket.
The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.
From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.
This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.
By investing in AI, you’re essentially backing the future.
The future is powered by artificial intelligence, and the time to invest is NOW.
Don’t be a spectator in this technological revolution.
Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.
This isn’t just about making money – it’s about being part of the future.
So, buckle up and get ready for the ride of your investment life!
Act Now and Unlock a Potential 100+% Return within 12 to 24 months.
We’re now offering month-to-month subscriptions with no commitments.
For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!
Here’s why this is a deal you can’t afford to pass up:
Access to our Detailed Report on our AI, Tariffs, and Nuclear Energy Stock with 100+% potential upside within 12 to 24 months
BONUS REPORT on our #1 AI-Robotics Stock with 10000% upside potential: Our in-depth report dives deep into our #1 AI/robotics stock’s groundbreaking technology and massive growth potential.
One New Issue of Our Premium Readership Newsletter: You will also receive one new issue per month and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.
One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149
Bonus Content: Premium access to members-only fund manager video interviews
Ad-Free Browsing: Enjoy a month of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
Lifetime Price Guarantee: Your renewal rate will always remain the same as long as your subscription is active.
30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.
Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.
Here’s what to do next:
1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.
2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.
3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.
Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!
No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!
I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.
We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…
Should I put my money in Artificial Intelligence?
Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.
Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…
But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.
That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…
And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.
He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.