LGL Group is a small holding company with two businesses: a niche electronic instruments manufacturer and a merchant investment operation. The manufacturing business is run through Precise Time and Frequency (PTF), based in Wakefield, Massachusetts. PTF designs and manufactures precision time and frequency reference instruments — clocks and synchronization devices used in satellite communications, broadcast systems, computer networks, electric utility grids, and military equipment. PTF's products include GPS/satellite-disciplined frequency and time standards, rubidium atomic frequency standards, and NTP servers. PTF primarily sells to OEMs, working closely with their engineers on custom configurations, and also sells through distributors and independent sales reps. The Merchant Investment segment deploys LGL Group's capital — primarily cash and marketable securities — into undervalued companies and assets using a Graham & Dodd value investing philosophy. The investment strategy targets minority or control positions, with the option to acquire full control of businesses management believes it can operate more profitably. LGL Group also uses SPVs to syndicate investments with outside capital. The overall model is to hold a strong liquid balance sheet while deploying capital into undervalued operating businesses — investments can evolve into controlled subsidiaries, and subsidiaries can eventually be spun off, as precision frequency components business MtronPTI was in 2022.