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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (38182)	6/5/2010 12:52:51 AM
From: Spekulatius	Read Replies (2) of 78476

re BK - I think you stated it fairly well. I think BK is a high quality and fee based trust bank. I like it better than STT which has (or had) some iffy stuff on their balance sheet. I decided to reduce my stake in NDAQ and increase my stake in BK because I think the latter has better prospects. NDAQ business is more commoditized and there are more and more exchanges open ing up (seemingly low barriers of entry). NDAQ does not pay a dividend either while BK dividend will increase substantially (imo) from a low base (dividend reduction due to TARP). Like E_K_S I am at a point where I need to make choices and in order to buy something I need to sell. 5% cash is as close to fully invested as I have ever been, typically cash levels run between 10-20%. FWIW ROE is punk because of goodwill; BK is really a merger of equals (Bank of New York and Mellon) so I don't think it's necessarily a meaningful number to look at.

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