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To: blankmind who wrote (40682)	3/27/2005 12:57:01 PM
From: Carl Worth	Read Replies (1) \| Respond to of 118717

value is in the eye of the beholder there is value which can be unlocked in your #3 through 6 if and when they do the second step of the demutualization, but until that happens, i would guess those stocks go nowhere and perhaps even down until the financial sector improves, at which time BAC will rise as well...most of those stocks have little or no yield, and are trading at much higher P/E ratios than BAC, so the only reason they could be considered less expensive is the eventual second step conversion i don't know IMH well, but i would be hesitant to buy it until they get their 10-K filed, as i don't know what the "possible material weaknesses or significant deficiencies" may be, do you? when a company makes a statement like that, even though it may end up being nothing, and herb greenberg takes notice, i'd just as soon own something else with less drama...in addition, there is a good chance IMH will cut its dividend this year, just like NLY has and others will...perhaps not dramatically (NLY only lowered theirs from .50 to .45), but it is likely to come down (why not buy LUM, with a dividend that rivals IMH, but without the drama?...LUM trades at book value, or below book value if you take out the interim effects of the hedging, which they say they will hold to maturity, negating the short term fluctuations...they haven't announced their next dividend yet, so that does add risk, but probably no more than IMH) i own NEW, so we agree on that one to some extent...NEW will raise its dividend again this year (current guidance is 6.50), and they are somewhat unique in this arena as they don't already pay out the bulk of their earnings, so they have more flexibility going forward....that said, i don't agree that NEW makes BAC look expensive...you yourself said NEW is risky, if you compare the two, BAC is so much "safer" it isn't even in the same universe...either one held for the long term will pay off nicely IMHO, but if i was managing money for someone, i wouldn't hesitate for a second to put BAC in their portfolio, whereas i doubt i would add NEW to their holdings i also own OSHC, but again, i look at it as a several year play on a sudden double when they announce stage 2 of their conversion...ironically, i almost sold my OSHC to put the money into NEW the other day, but i never did

To: blankmind who wrote (40682)	3/27/2005 2:09:42 PM
From: LTBH	Read Replies (1) \| Respond to of 118717

I sorta agree with your general theme, however I would suggest IMH, NFI and if you really must feel "safer" then BTO ... Schmidt has been excellent in avoiding the occasional bank mishap while owning those that appreciate/get bought out and whats not to like about ~95% LTCGs in lieu of ordinary dividends at approximately 10% discount to NAV?? Have NFI quite awhile and IMH even longer ...think was slightly under 8 when first bought it. Volatile they are but then that always allows improving your cost basis and the only thing that could be better about the distributions is if they were monthly. Much newer, less liquid but nice diversifiers are the US IDSs: CVP and BGF, while IMO DRY is a definite pass with a past and OTT an unexciting telco in an aging/dying industry, again IMO. I own all the above except DRY and OTT, have been adding IMH, NFI on current weakness (IMH a buy 18 and below and NFI at 34 and below). Have added to CVP in recent past on weakness there, I like hotdogs as well as monthly payers, lol. Luck LTBH PS Since I have irrevocably proven that I cannot pick the best/lowest price ... I do not attempt to do so but just pick a "reasonable" one for starter position. I add on take downs below such while selling higher priced shares on the recovery. This way I do not need to foresee the bottom, am able to establish a position and also to improve my cost basis. Since I am a LTBH income investor, the distributions also assist in mistake mitigation.

To: blankmind who wrote (40682)	3/29/2005 6:12:22 PM
From: Carl Worth	Read Replies (1) \| Respond to of 118717

interesting, IMH didn't lower their dividend, they kept it steady at .75 Mr. Tomkinson commented, "The Company believes we have set a dividend amount that we are comfortable with for the foreseeable future. Further, we believe the fundamentals of the Company's businesses remain solid and we are confident that our interest rate risk management strategies should result in consistent, reliable dividends for our stockholders." There's still the issue of the reasons for the filing delay, but this is excellent news for IMH holders, of which I'm assuming you are one.