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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (19993)	11/1/2004 11:25:24 AM
From: E_K_S	Read Replies (1) \| Respond to of 78625

Hi Paul - I sold some January $20 Puts which lands me new shares in January at a price of $18.80 (as long as the stock sells below $20). I was a bit early as the $17.5 Puts look attractive now. There is some concern that the company still holds an over balance of leveraged T-Bill spreads but part of this was unwound last month. Also, the company landed a huge refinance deal for a Baltimore CO-OP property with the loan guaranteed by both the State and Feds. They continue to grow their customer accounts too according to their last conference call. There has been some chatter that their high dividend may be reduced next year as earnings are not expected to grow as much as in the past years. CEO could not provide much vision past 2005. I just hope there are no more land mines in their balance sheet (similar to the huge leveraged T-Bill spread that went sour on them last quarter). My long term target is $27 as long as interest rates remain in the low range and they can continue to grow their customer accounts. EKS