First California Financial Group (FCAL)

[Enterprising Investor]

I get it.

And I really get it, too.

"Open letters" normally cause the market price to increase. However, it does not appear to be working here now. Loeb is a little underwater on its most recents buys.

Operating a financial services business today is not easy and becomes more difficult each and every day. Personally, I would prefer to watch FCAL management continue to build the franchise. If the board is open to selling, it must be presented with a real offer, which could be truly lacking.