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

To: Spekulatius who wrote (22690)	12/1/2005 11:58:42 PM
From: Paul Senior	Read Replies (2) \| Respond to of 78476

CSBK will get the thread's bank analysts' pencils moving again. -g- It's been one controversial stock here. The issue (for me) is how many shares should be considered outstanding for this company? This was discussed somewhat last year as you may recall. One link is here: Message 20898825 The critical point (for me) is whether "we" are dividing the equity by 14M shares or 30M shares. Because if by 14M, then current price, now as then, is below - ah jeez, do I dare bring this up - current stated book value. Because (sigh), I am with blankmind on these bank stocks ("I've found it nearly impossible to lose money on stocks that are profitable and trading below book value") - it's rare and a buying opportunity when bank stocks trade below stated book value. Blankmind has said his record is 100% (that's scary); I recall that it is indeed very, very good. I suspect people may want to be very careful in challenging his analyses and betting against his conclusions. For me, for a small position, I'm willing to go WITH blankmind and so I put myself in the camp of "we" who will bet the correct number to use is $14M. However, at this time, the stock has dropped from my first buys to slightly above my final purchases. And even with only a very, very small position I do not like to see these larger-than-expected short term losses I have. So I figure now near year-end is a an appropriate time for me to get some pain relief and take those losses to offset short term gains elsewhere. Whether or not it is still or was ever a value stock, that I perhaps best leave to others to determine for themselves. -g-

To: Spekulatius who wrote (22690)	12/3/2005 6:32:40 AM
From: blankmind	Respond to of 78476

Spek, - on CSBK - here's my notes from last earnings - as you can see - earnings are decent but nothing great & i'm really holding for the eventual takeover - but probably not for another year or more: - 10/26/05 - clifton announced 2Q06 results: - net inc $1.2 mill vs. $1.3 mill last qtr - loans & deposits keep growing - deposits $578.0 mill vs. $566.7 mill - on 13.5 mill shs - only 8.9 cents/share eps diluted - but enough to maintain & grow the .05/qtrly div - repurchased 560,130 shs thru 9/30/05 - only buying back 686,936 altogether - only about 126,806 shs to go - total GAAP equity of $199.2 mill - on 13.5 mill shs - is $14.76/share - but actual book much higher due to owned branch offices - note: on 12/2/05 - clifton savings - csbk - closed @ 10.40