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

To: Spekulatius who wrote (20011)	11/2/2004 1:42:33 AM
From: Carl Worth	Respond to of 78656

while it's true that the tangible book is quite a bit lower, there is significant value in the foothold and customer base NYB has in new york, and the likelihood that if they fail to execute for very long, they will probably be bought out, in which case that value would be realized...certainly whether this makes up the difference is debatable, but IMHO there is sufficient downside protection given the various factors that i cited i owned SOV (formerly SVRN) for many years, but the management has made it clear that they aren't interested in a buyout, so with the negligible options premiums and meager dividend, there isn't much advantage to playing it at this point...as far as a bank stock to just hold, i'd rather find one that is undervalued compared to its earnings and growth rate and/or has a decent likelihood of being bought out, and of course it's nice to earn a solid dividend in the meantime again JMHO, that's why it's a market of stocks :)