Yes that's exactly the way I felt. I'm sure his demeanor was much more noticeable given the severity of the situation. Perhaps we would not have noticed this if we were in "normal times."
Good call Drex. It is hard to envision anyone thinking that this was a good quarter. What disturbs me the most is the MUCH larger than expected addition to loan losses.
This in and of itself is not my concern but rather, what disturbs me the most is the inconsistency with what sugarman indicated at NAREIT. I'm not accusing mgmt of any chicanery but it appears as if the environment has gotten very hostile and perhaps far beyond their control.
Perhaps the most positive aspect to take away from the call is the anticipation of increased cash flow post Freemont note paydown. IMO
BTW as a side note, what did you guys think of James Burns? He didn't appear to be able to field the analyst questions to my liking. What are your thoughts?
I'm guessing it wasn't you who sold F's all the way down to 4.82.............I'm kicking myself for not having the forethought to have had a throwaway bid like that in there.......
My faith is more in Jay than SFI itself. He's led the company to greatness not Barry. Barry wasn't even running SFI long enough for ferdie to have memories of old times. I agree the Fremont deal was a mistake and I think Jay would agree it was a mistake but only in the timing of the deal. he is not greedy as people suggest and I see nothing wrong with having nice things. People also need to remember that there is a committee that evaluated the Fremont deal and it got approved. Jay didn't make the decision to buy Fremont on his own. Right now I don't know of anyone else who could run SFI better given our current environment.
I like the opposing viewpoints the members here present. At the market open today, I sold half my PRF, half my common, and closed all my put positions. Nobody can really say it was a good quarter, so reducing exposure makes sense. Getting rid of those puts makes me alot calmer. Best thing is, every position I closed was at a gain =). Thank god the VIX has been going down.
I still have plenty of 2011 calls and PRF though...With a smaller common position. I will maintain those and see if Q3 becomes the turn-around. Can't wait for the more in-depth filings too...
Although I totally dump my SFI position for being prudent, I am amazed by your faith to SFI. However, I am worried that you fell to a phenomenon called selective perception. In fact, what earning report will convince you that SFI is not a good investment? For me, this q2 report is enough...
There is significance. When Barry Sternlict ran SFI he turned it into a money machine for shareholders. SFI became an industry consolidator in the last real estate slump and prospered.
Now is the time for industry consolidators to come forward and make their investors rich. Sternlict will make his investors rich.
SFI will not be an industry consolidator this time and Sugarman has sent his investors to the poor house.