RE: Nice 4.5% move today, but with only 50K shares traded, it means little.
I know I've shared this with some of you, but a friend of mine started PRAA Portfolio Recovery here in Virginia in 1998 about the same time Lance Anderson started Novastar. Here is Steves compensation package along with some of his partners and other executives;
hamptonroads.com
I only point this out because Lance Anderson, CEO of Novastar reminds me of Steve Fredrickson, CEO of Portfolio. They're about the same age, have similar education and business backgrounds and are well respected by their peers and others in their industries. In addition, they've both surrounded themselves with some very talented and loyal people.
I also share it because Steve Fredricksons company was targeted by shorts and other miscreant predators just like Novastar, and when I had lunch with him a few years ago and asked him how he was able to fend off the aggressive shorts, he said the only thing he could do was to just keep posting good profits. As you can see he's done exactly that, and he's being compensated appropriately.
Finally, I wouldn't own PRAA unless their stock was decimated similar to Novastar, and only then would I get involved because of Steve Fredrickson, one of the brightest, talented and most honorable individuals I know.
Rich
aka
Rooky |
