November 19: I found 2 pennies at the Wells Fargo Bank on Cochran Ave. in Simi Valley. I was making a deposit and someone before me had left them on the counter near and empty teller window. Strange... just giving money to the banks. I guess someone thinks the banks are in trouble and could use a few extra pennies. Thanks for the donation!
In the evening, we shopped at Topanga Promenade Mall in Woodland Hills, CA. Ajay and I scooped up a dime and 4 pennies while cruising the mall.
Today's Stats
Money Finds: $.16
Bottles & Cans Collected: 15
Running Stats
This Month: $2.94
Last Month: $3.79
2007 Finds: $193.93
Since FMJ Blog Inception: $377.93(March 28, 2006)
Total Found for FMJ Fund: $838.33 (since 1-1-2000)
Bottles and Cans Collected: 154 for the month.
Bottles & Cans Return Fund: $1,049.63
Subscribe to:
Post Comments (Atom)
3 comments:
"Strange... just giving money to the banks. I guess someone thinks the banks are in trouble and could use a few extra pennies."
There is a lot that could be said to that statement. Maybe more truth than any of us are willing to accept or recognize. It would probably scare us all if the FED released the "REAL" story as to the condition of the financial industry.
Funny: I've been buying mortgage insurance and banks stocks in the last few weeks. I recently had a winning trade in a TMTA stock and decided to move the profit into the financial sector. Of course, these are trades outside of the purview of the "FOUND MONEY JAR."
I figure, we close to a longterm bottom in the bank stocks as they're so beaten down... Many are now trading at 50% of their book value and sometimes less than the cash per share.
Recently, I've purchased Corus Bankshares, PMI Group, Washington Mutual, Old Republic Insurance, Regions Financial, Countrywide, National City and Sovereign Bank.
We'll see if I'm right in 12 months to 24 months from now. It may trade lower short term buy I'll collect the dividends and be patient.
ANDY
I highly suspect for the patient investor there is much money to be made in the market. Especially the financial sector. Banks have long been thought of as the safe area (if there is such) in the stock market. The sub prime market will set a new precedence like the old Savings and loan debacle years ago.
Unfortunately for me I hold RF at a loss right now. I have held it for several years in a trust account that I manage for my parents. Mainly hold now for the potential dividend income it will provide to them starting in the next few months. Before the last year that factor was not an immediate concern and price appreciation was at the top of my goals.
I think 24 months out the able investor at this time (provided they make sound business decisions in what they buy)in 12-24 months will make a ton of money. Regions hit the high 22 dollar range today marking the new 52 week low. Hard to believe in this same 52 week period we were trading at over $38.
One analyst said that there is no reason in which Regions should be trading at the lows we are seeing. But the good thing is that they are doing it with no blood shed or skeletons coming out of the closet.In other words I took it to mean it had a nice rebound outlook.
Heard today that there may be an emergency meeting called with the fed to lower the rates. Last I heard on that was late afternoon. Perhaps, it seems someone let the inside information of just how bad it really is slip out. We shall see.
All in all on the stocks you mentioned you are probably fairly wise. Although I do not need any more RF in my portfolio it is awfully tempting. Regardless to what happens to them you have about a $10 share return you can expect over the next 12-18 months and maybe more by 24. You may see some more "BAD" stuff come out on banks in general...but one good thing about a bank....It won't go out of business before the fed steps in and moderates. However, with that said in the real world (not today's trading) you usually won't make a killing. But the key is to know when to capitalize on that down side because it will come back up.
I actually stumbled upon this board by via RF message board through a posters profile. This was the first post that I came to. It just made me smile because I thought now that is ironic.
I guess I should educate myself on what this site is about. First time I have ever posted on a forum that was more of a blog than a message board. But have been looking at various investment strategies in order to start getting away from yahoo. Yahoo message boards are over run by some companies employee's which have in turn made it a disgruntled forum. Albeit those things are important in getting a read on a company and putting all the pieces of the investment puzzle together. But, on the same hand I find myself doing a lot of reading with very little technical information I can actually use.
Good luck on your choices. I hope you make a lot of money. But for the record...I think you made some good choices. But then what does a Rabbit know? :)
Post a Comment