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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (926)	10/25/1998 10:08:00 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 1722

<<Wayne, What do you think of Banker's Trust? I haven't looked at it closely. There are rumors of a takeover though. I'm in sort of a dilemma in the financial services area. I've been successful in the past when I bought straight into these temporary setbacks among banks and brokers. My problem is that I no longer completely trust the financial system nor the reported earnings and losses. I realize that's sort of an extreme statement, but I am very risk averse by nature and would rather let an opportunity pass me by than get hurt. I don't think the financial crisis is over yet. This may be just a fresh liquidity lull. It just seems to me that there must still be significant amounts of derivatives and loans outstanding that are hanging by a thread. For the last 15 months the world authorities have been bending over backwards to get banks to roll over debt, countries to nationalize private debts etc... Many derivatives and loans also mature at different times. With many global institutions probably technically insolvent, it just makes you wonder how much of what is going on is smoke, mirrors, and the public not being told the facts. I'm a strong believer in buying when things are going real bad as long as I think the long term future is still bright. Maybe I don't have as much courage as I did 10 years ago or maybe I know more now. I just don't trust the situation in banking and brokerage yet. I'd rather let the train leave the station without me. I can let you in on one little secret. I know of at least one very wealthy investor who was a buyer of financial service stocks at the height of the recent panic storm and he is now sitting on some pretty profits. Wayne Crimi Value Investor Workshop members.aol.com