I am a bit of a cheapskate too, especially when it comes to investing. The less you pay compared to what a stock is really worth provides you with a margin of safety and the chance for a good gain.
I also own some Bank of America but I don't really know what is going on there. It is lmost too big to analyze. It is not a large position and I do not intend to expand it. However, I do own a good bit of WAYN and would like to buy more between $5 and $6.
A lot of money will be made on Wayn Bank. They are in a good position to increase their profit with all banks are paying in CD'S and savings accounts. They also did not take any tarp money and goverment dont dictate to them. I have a lot of their stock and intend to keep it. As for Bank America I am down big money. They are a sad lot. Hope they get their act togeather. They need some new management.
After Bank of America reported its loss for the 3rd quarter, I sold my shares for $17.37 and bought about three shares of WAYN for each share of BAC. BAC pays a quarterly dividend of $.01 and WAYN pays $.05. WAYN was selling for less than 1/2 of book value and I don't know what a fair figure is for BAC's book value because of the governments preferred stock and all the intangible assets on BAC's balance sheet which I refuse to accept at their listed value. When I looked at the comparison this way, it seemed like the right thing to do. I hope it works out. I also don't need all the drama surrounding BAC.