TARR - FWIW, I bought the stock many, many years ago as a January Effect speculation. Since then it changed its name several times, merged, done a rights offering, split off a high yield bond, and undergone multiple splits. It's a 40-50 bagger for me.
However, last month I was in Palm Beach and saw a big special report in the Palm Beach Post titled "Winning the Real Estate Game". They recounted multiple anecdotes about ordinary folks flipping properties and buying spec condos with interest only loans. One 'lucky' guy bragged about how he was able to buy an $800,000 condo on an income of $34,000. (http://www.palmbeachpost.com/news/content/news/special_reports/housing_boom/index.html)
I talked to a friend next door to me whose girlfriend is buying a spec penthouse in West Palm, a condo in Las Vegas, and a condo in Dallas.
In the rental car van, returning to the airport, there was a late 20's kid loudly dickering with his mortgage guy via cellphone for a condo he was buying.
I overheard several other folks in the airport waiting area talking about the condo's they were buying.
I should have visited the shoeshine guy to see whether he was playing in the market, as well.
I remembered the Friedman nearly bankrupted this company several names ago during the last real estate downdraft, after he overbuilt, overpromised, and overleveraged.
When I got home, I sold all my TARR.
I hope for your sake that I'm flat out wrong. |
