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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (53739)	4/12/2014 3:24:53 PM
From: Spekulatius	Read Replies (2) of 78739

Re CRMT - gannon and hoang have a detailed post about this subprime used car dealer/finance company hybrid: gannonandhoangoninvesting.com Looks pretty good got to me, but a ~40% repossession rate is really scrapping the bottom of the barrel, imo. The play on ALLY is ROA improvement. I think this is a restructure story where a lot of the heavy lifting has been done already. With financials, the balance sheet get's fixed first and the income statement will follow, if the business model is decent. I think that this is the case with ALLY and earnings should shoot up, the CFO said, made the case on Bloomberg recently. A precedent is CIT, which also did not look that profitable coming out of bankruptcy but looks pretty good now. Third Point is in it too, and I think they Re pretty good investors.

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