In short: A borrowed idea with the thesis spelled out: "Gator Capital is long NAVI, Navient Corporation, which only trades at 40% of tangible book. People used to see it as a melting ice cube because of legacy student loans, but private lending is now growing. So the company could no longer be a melting ice cube."
Navient services student loans. For years investors treated it as a "melting ice cube" — a company whose only asset was an old book of government-backed loans that shrinks a little every year until nothing is left. Priced that way, it trades at 40% of the accounting value of its own equity.
The reason to look again, per Gator Capital, whose idea this is: the private-lending side of the business is now growing. If new lending replaces the run-off, the ice cube stops melting — and a company that is not shrinking should not trade at less than half its book value. Singh is relaying the thesis, not claiming it as his own work.
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