What do you you think of the trading volume and number of trades today?
Would you believe that it was my trade? I am tempted to tell you that it was me making a small purchase, sort of pilot position while I decide whether I want to establish a "real" position in ITIC.
Of course, you would know I was not telling the truth, if, in fact, it was you who bought the 61,000 shares.
The polar bear thinks that the next edition of http://sec.gov/Archives/edgar/data/720858/000115752307010752/a5535840.htm#stockeq (in the 2007 10-K) will reveal that the company was buying its own shares.
The investment committee held a teleconference this morning and agreed to roll-over about 45% of the funds that were maturing in treasury bills.
Because the amount of funds avilable to be invested in stocks is lessened by that amount, the committee felt it was not mandatory to meet at the Royal Hawaiian and therefore it cancelled the luau. We nevertheless hope that you and the polar have a happy vacation in Hawaii.
Before buying any ITIC, the committee wanted to ask you if you thought ITIC owns any toxic housing related securities among its investments. The committee would feel more at ease buying ITIC if it could get your assurance that the company has avoided investing in real estate CDOs or commercial paper backed by mortgages. The committee would like it even more if ITIC would state in the affirmative that it has NOT invested in any of that junk.
I think that anyone who owns no ITIC should begin establishing a position at 37.00, which is at a discount to book value--a book value not puffed up with intangibles and goodwill, either. ITIC is my largest (in $) long position. The polar bear banter with pmlljl is fun, but this post is serious.
The committee will be having its annual meeting at the Royal Hawaiian Hotel in Honolulu on December 28. In keeping with the committee's tropical theme, we will be decked out in Hawaiian shirts and leis and have our meeting after the luau and several rounds of mai tais. The investment committee will discuss the merits of ITIC vis-a-vis the merits of Dole and its pinapples and bananas. If you and the polar bear would care to join us, perhaps you could hitch a ride with Santa on his open sleigh at thirty thousand feet. That way the polar bear wouldn't overheat.
Please inform the bear that the luau will be a proper tropical function with ukeleles and traditional Hawaiian customs. There will be no square dancing unless Johnny Cash and Elvis Presley show up unexpectedly to provide proper square dance music. Howver, the committee is considering holding its next meeting at the Grand Old Opry in Nashville where square dancing would be on the agenda.
I just took another look at you picture with the polar bear. It appears that you are on a paved street, lined with palm trees beside a body of water. Is that Lake Mead or some other lake near Las Vegas, or are you vacationing somewhere in the tropics? That bear is quite versatile. Does he ever complain about global warming. Perhaps you could feed Al Gore to him if you run out of penguins.
I've warned the bear many times to have the polar-bear-growl-and-snarl recognition software recalibrated and must sneak into his account to see whether the software interpreted his growl to buy sixty-one shares as a growl to buy or perhaps even a snarl to sell short sixty-one thousand shares. I'll make him sit out of square-dancing on Thursday.
The bear has often been bidding for ITIC shares at $35.00. He doesn't know whether doing so is a good idea. How much advice would your investment committee dispense to the bear for 10 penguins?