I'd like to pull that last message I posted, but I can't. My apologies to Roger Thrash, who had more courtesy than I did in responding to me privately rather than giving me what I deserved in public. I misunderstood his message, and now that I read it again, he is simply holding back until he has filled his position in an illiquid stock. I know the feeling. I sincerely hope he gives us the full analysis when he has his own position filled.
The reason I went off the handle is that I don't want to see this special place degenerate into the kind of hype we see on the vast majority of other threads. But that was undeserved in this case. Please accept my apology.
On a more positive note, USEC...I ordinarily treat IPOs like the plague, because the seller knows more about the business than I do, but there is an IPO coming tomorrow (Wednesday) which in my opinion is a fat pitch right over the plate. The seller is the U.S. government, so my bias against IPOs is reversed in this case. The government is privatizing its uranium enrichment operations. The prospectus is complicated and cumbersome, but the disclosure is excellent. If you read it three times and see what I see, you will find a dollar bill selling for fifty cents. Oh, and it pays a 7-8% dividend (not sure what the price of the IPO is going to be, but it is not "hot", so I think you may have plenty of time to do your homework and still get a good price.) All I can say is watch this one tomorrow (its one of the largest IPOs ever, so it will be quite visible), and you may be able to get the prospectus on EDGAR under the ticker USU (the company is called USEC). Hint: pay special attention to the footnotes to the balance sheet. You will hear more about this from me in the next few weeks. I have not seen an asset play like this since St. Joe before it started to move.
Jim
Jim |
