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

To: Paul Senior who wrote (22196)	10/28/2005 9:53:06 AM
From: Spekulatius	Read Replies (1) \| Respond to of 78628

Sold my OFG on the bounce yesterday at a loss to buy a position in WHI, which is a better managed bank (and more expensive by some metrics). Wrong decision so far. I believe that WHI and OFG are the best buys amongst the Puerto Rican banks out there. Those stocks have weaker earnings for sure but they have been pounded hard due to collateral damage from DRL and RGF. OSHC had a decent quarter 9c earnings/share (which earlly is 0.09/0.45=0.2$ if one does not count the MHC shares). Decent loan & deposit growth but they will need to work the efficiency ratio down by lowering the costs. Most mutual conversions tend to have high efficiency ratios (which means high relative costs) due to expenses associated with being a public company. I am owning OSHC and ISBC in the mutual conversion space and intend to add more WHI.