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Strategies & Market Trends : Value Investing

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To: Harlan Huber who wrote (1)	7/9/1999 10:13:00 PM
From: Dan Meleney	Read Replies (1) of 78802

BYS, a bank selling at about 82% of book value These guys are like Lynch wrote about. Took a coop public, selling shares to depositors, borrowers, and insiders 2 years ago. Since all cash added to book value, initial price/book was below 1. Stock now where it came out at. What's the catalyst? Company just finished buying back shares, and I suspect they'll buy back more. What's the problem? Sort of like the bank in Jimmy Stewart's "wonderful Life", these guys are too nice. They don't make hard decisions, and are too slow to change. What am I looking for before investing? A change in management that will turn around profitability, or another buyback announcement. Dan

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