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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (19603)8/24/2004 11:06:53 PM
From: E_K_S  Read Replies (1) of 78763
 
I plan to hedge my new position with covered calls but I did like their recent purchase of Financial Pacific Company (they paid $94 million for the business). These capital lease back loans can be very profitable w/ fees and interest charges. Although there is the pending SEC probe on their Business Loan Express transaction. I think management has addressed it appropriately. The main negative I see is that some of their loans are not asset based but merely bridge loans. This is the nature of their business and these types of loans as a percentage of their total are falling.

Did you see where Citi Corp announced another bank acquisition?..."Citigroup Acquiring First American Bank of Bryan, Texas to Expand Retail Banking Operations" (http://biz.yahoo.com/ap/040824/citigroup_first_american_9.html)

My one best pick for next year is NYB. There is talk that Wells Fargo and Citi Corp are interested. My target is $27 and I continue to accumulate shares that I plan to hold for 18 to 24 months. A successful "value" investor buys a company that eventually a larger company discovers. I buy a company based on the intrinsic value not because of a potential buy out. However, if a buy out does occur, you know you have done your homework correctly.

I will have to check into ACAS, MCGC,BDC and AINV.

Thank you again for your input.

EKS
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