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Strategies & Market Trends : BAK - Investing
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To: Flipper2058 who wrote (3020)7/2/2012 9:17:31 AM
From: hdl  Read Replies (3) of 3249
 
fxby - winmill Re: Third point hedge fund at a 19% discount:

long ago i read that bnbga had value - book value, true value or something way below market price. i bought it in two accounts. i saw it had strong connection to gold. i think it had a mutual fund and a brokerage.

one day i was in south florida on vacation. i came in from ocean for lunch and was watching stock ticker. i thought i was hallucinating - bnbga was up a lot. but, i saw the ticker a few times - each with a huge gain. then, i heard i was up because it had a broker which was giving miles for each trade. to me this was absurd. say trade was $30 and you got 30 miles - worth 30 cents. but some discounters were $20. so what. and this ain't coltrane. so, i called broker and sold my bnbga in one account - i did not have info to sell stock in other account. stock came back down.

winmill family controlled bnbga - which is why i was able to buy it so cheap. winmill ran bnbga for its own selfish purposes. so, its stock price was always low compared to true worth if it had been run for non family shareholders.

then winmills tendered for shares at low price. i didn't sell - almost everyone did. it went on pink sheets. symbol changed to wnmla. it doesn't report much. it doesn't trade much. it is still very cheap - and always will be.

i see winmill patriarch died and winmills control fxby. i assume fxby is like bnbga - now wnmla.
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