AMERITRADE HLD A (NASDAQ:AMTD) Message Board

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Non-Tech : AMERITRADE HLD A (NASDAQ:AMTD)

AMTD 1.020

0.0%

Jan 26 2:39 PM EST

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To: jon zachary who wrote (950)	4/15/1999 11:53:00 AM
From: CMon	Read Replies (1) of 1848

They do. But I don't think that the bricks and mortar comparison is as valid in this industry as it may be in others. Bricks and mortar just isn't as crucial a cost here as it is in retail. Think about the valuation that this company holds even here, with the stock at 137 last and a market cap of $7.8 billion. Compare that to Bear Stearns at $5.3 billion. Bear's given a mid 20's return on equity to investors for decades. It has a diversity of businesses and is a strong competitor in each. Its clearing business earns consistently. Better yet, compare AMTD's valuation to Goldman's IPO and probable valuation in the mid 20 billions. If you had $7 billion, would you rather own all of AMTD or 1/4 of Goldman? I know I'd take a much smaller fraction than that of Goldman before all of AMTD.

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