Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: JEB who wrote (604)	11/1/1998 10:41:00 AM
From: Pravda	Read Replies (2) of 19428

BT makes a very poor short. Bankers Trust's book value is around $47 a share, so the company is trading at about 1.3 times book value. JPM trades at 1.5 times book, and CMB trades at 2.26 times book. This is why the take over rumors have such creditability: Bankers Trust is trading at a significant discount to its peer group. Bankers Trust was a great short back when it was at $120. Why short the stock now that it's already lost half of it's value? Even with the disastrous third quarter, Bankers Trust has made money for the first three quarters of this year. It's only profitless companies that go out of business. Sir John Templeton had a quote about "investing at the point of maximum pessimism." I believe this is great advise for both longs and shorts. Shorts just need to short at the point of maximum exuberance. Yes, I am long BT. Pravda

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