and again more detail from livewire hall of fame series. If...

and again more detail from livewire hall of fame series. If takeover falls through all is not lost.

2 high conviction ideas from Hall of Fame investors

Ally Selby: To finish us off today, I want to know where you're both seeing the most opportunity right now. You've talked a lot about stocks that are undervalued by the market, maybe they've been really beaten up. Do you have an opportunity like that for us today?

Insignia Financial (ASX: IFL)

Chris Kourtis: Well, my table thumper is probably controversial, it's one of the most hated stocks in the marketplace. It's in the financial sector, it's Insignia. And you look at the share price performance over the last decade, it's gone from $13 to a low of $2 and back to $2.68 or $2.70 or wherever it's trading today. Now, look at the market cap and it's $1.8 billion. Just to remind your viewers that they paid $1.5 billion for MLC and they paid $1 billion or thereabouts for OnePath from ANZ a while ago.

Again, it gets back to management and recently they misstepped with the dividend pause. Now, that upset the apple cart and surprised us, even as investors. But then, I take a step back and I can now see why they did it. They were worried about the timing of their cash flow and the timing of cash payments for previous remedial action. And there was a class action which they actually just settled last week with Slater and Gordon and it was a $22 million outlay. Maybe they didn't know the extent of the class action liability and whether it was going to be $100 million or $200 million. So they paused the dividend. The stock was $2.92 before the result, it crashed 25%. It's now recovering. I could see that stock double from here. I'm not in it for five or 10 or 15 cents.

I look at the multiple that it's on, probably 7.7 times P/E. All its peer group - it's not apples and apples, but Platinum (ASX: PTM) is on 13 times, Magellan's (ASX: MFG) on 13 or 14 times. AMP (ASX: AMP) - that's such a good brand, isn't it, that's on 14 times. This thing's on 7.7 times PE. They paused the dividend. We would be hopeful that they'll reinstate the dividend at the next result, fingers crossed. That's up to the board. We'll see.