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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (10299)	4/5/2000 4:55:00 PM
From: Paul Senior	Read Replies (2) of 78520

Starting a small position today in BankAtlantic Bancorp (BBX) which is "the largest financial institution headquartered in the State of Florida". Some negatives about BBX: two classes of stock-- some associated controversy in how management deals with the stockholders; BBX may be too diversified for its small size ("BankAtlantic's strategy focuses on providing a wide range of lending services (commercial, small business, consumer, mortgage), deposit accounts, business and individual checking accounts, and a growing array of non-interest income and fee generating activities" (quotes from BBX website); certainly for me it's near impossible to analyze the company given its complex components; BBX is just one more small bank among many. Positives include very low (relative) price to stated book value (.7), low price to cash (according to stock screen I have), low p/e. I've given up on Mellon(MEL)- sold out my position - the stock only rarely got above the buyout price management rejected couple of years ago. I am betting my prospects for a 50% gain in BBX (regression to mean) surpass likelihood of a 50% gain with MEL. JMO, and I've been wrong many, many times.

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