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Re: 56Chevy post# 15

Sunday, 11/11/2012 8:12:20 PM

Sunday, November 11, 2012 8:12:20 PM

Post# of 24
Chevy, I think you and EI have created an inadvertently fantastic investment strategy. That being creating a basket of cheap, smaller banks. In a way you (and me if / when I follow you on positions) are playing simple time arbitrage really.
For many of these (I'm thinking BNCC, PCBC, FCAL, and others), if they don't get acquired they are sitting on a pile of catalysts.

If they are acquired, then you get instant takeover premium. If not, then you can wait for the market to re-price them higher accordingly. AND that doesn't count the benefit an eventual normalized yield curve will give them, adding to earnings power.

Oh and if we ever get back to the old multiples, some of these positions will be giving us serious returns.

PS: I opened a small position in WIBC and have been waiting unsuccessfully for BNCC. My biggest banking position will be the Bank of America warrants and LEAPs for some time however.

Chevy, got your PM and it's all good. You should tag along for the next European adventure I have to go on for work by the way. Let off some steam.

Maybe Santa will bring me an IHUB membership this year :)

Twitter: @VincePagano


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