My man! Jason Schwarz gives us eight solid reasons why our golden child, BAC is going to see brighter days. I thought we needed this insight considering Patrick has one foot on the ledge already.
So we have two people limp in with "maybe we should by GE." Not a very compelling arguement. Can someone back this up with some juice? What's going on out there!?!? Let's make some moves and some money!
11 comments:
Fast Money yesterday said it makes no sense to pay for common shares of BAC right now when preferred shares are trading at .20 on the dollar and are much more stable in the event of nationalization as common shares are the first to get diluted. Now, I don't know much about this - but before we pull the trigger on BAC (seeing as how Ken Lewis just got subpoenaed) we should look into these preferred shares a bit (NYSE:BAC-D)as they are trading up right now in after hours trading. Fast Money said any investor can buy these shares.
I don't understand the huge facination with BAC - in my opinion, i think we have pumped enough money into that sinking ship. I don't feel confident investing in any financial company right now.
For one, we don't have any money to invest at the moment - we invested our money market funds in BAC a couple weeks ago.
Now if folks think that NOW is a crucial time to invest, then lets vote on possibly making our quaterly contribution early. I just don't like the "we gotta invest now in BAC or we're f'd" mentality that we got. "Its the sale of the century! Everything must go! Act now while there's still time!!!"
My opinion is things are going to get worse before they get better, especially with finanicials. I think we should take a rest with BAC for a while and see what happens. Improving our position with a stock OTHER than BAC is a decent play. GE makes the most sense since they have declined a great deal since we bought them and GE brings more to the table than stricly financials.
My opinion is to stay put until the dust settles with this bailout. No more BAC stock. I also propose we vote on adding $25 a person into our money market so we actually have something in there in case a good investment ideas comes up and we want to move on it.
Thats it i'm done.
I second the $25 additional vote. I can transfer it today if this is passed, next we'll have some funds to play with.
GE is a tough one also - it's exposed to the same financial woes at BAC and CIti - Maybe we should find a fresh investment - how about we take the weekend and bring a stock to the table? $125 will buy a lot of shares of a lot of companies at a time like this.
Does anyone have anything to say about adding the additional funds?
I think we should look at some stocks that we discussed at our last meeting - if you liked them then, you should still like them now. Joe's pick, VCP, is at a huge discount to our meeting day price, and Jim's pick ATVI is trading at about the same as on meeting day. X and TYC are trading at discounts, but are still too expensive to look at a purchase right now.
Joe, Jim - do either of you have any comments on your choices and do you think it'd be to our best interest to pick up, say, 25 shares of VCP or 10 shares of ATVI? Jim - another one to look at is Take-Two (TTWO) the video game maker of Grand Theft Auto video games - similar industry, cheaper stock.
My vote still stands to add $25 a piece to our portfolio. I also think purchasing Activision/Blizzard (ATVI) is a decent play for us. Like Pat said, its trading close to the price as it was on meeting day. The new Guitar Hero Metallica game comes out at the end of March which will hopefully boost the price. If we are going to pick up a video game stock, I think we should stick with ATVI since in my opinion they have a much a wider selection of great titles than Take Two, plus they have quite a strong hold in the PC gaming circle with Warcraft.
My first choice is to invest in something new to diversify our portfolio before we think about improving our position on a stock we have. I motion to pick up 10 shares of ATVI at around 9.20 - 9.10
I am still down for adding $25.00 each to the fund. I think we got enough votes to do that, right? what about rent a center? I think that is a great choice right now. The lower class will be receiving more money with the huge tax cuts that are coming. My guess is a a lot of them will want a new 60" plasma joint! Its the first of the month!
We may have missed the boat on rac - its trading up since our meeting
Also I think $25 has to be agreed by all members. We can't force someone to do it if they can't and its an all or no one type of situation - agreed?
agreed. So far we have 3 yes votes and 2 undecided votes...
Awaiting more feedback....
rent a center was at $19.12 on 2/9 and has been slowly dropping ever since. Its at 17.55 right now. i like it when rizzi brought it up at the meeting and I stil like it.
It was $16ish on meeting day
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