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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (791)1/12/1998 10:27:00 PM
From: Dan Packer  Read Replies (1) of 18998
 
<<FF, What's that. >> FF = First Financial Fund

<<If you sell at book you won't find many opportunities to buy now adays.>> That's my problem. Having attended a slew of annual meetings of these converted thrifts in the past couple years, I have the greatest disrespect for their management and boards. ATM's and electronic funds transfers will doom all of their branches. So what are you buying? I simply don't understand the mergers going at 2-5X book. With the classic buy v. build problem, you build at those prices. The bubble will continue to inflate; until it doesn't. Hence I have found myself with an unhealthy stash of cash. - I did nibble 5 or 6 K shares of DOSE - thank you very much. But I would love to get in on some IPO thrift converts: 50 cent dollars. BTW, if you're in San Francisco, the last one left is First Financial of San Rafael. There's a branch in the Marina, one across 101 from Candlestick, and one in Berkeley. The CEO is in his 80's.
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