BKE issues thousands of shares of stock options to insiders like Kari Smith (most recently) with 50k shares at a cost of .01 to 3.84$ per-share, and then immediately sells all 50k shares on the open market.
That little move screwed shareholders out of 2.3 million dollars and diluted the stock, and this type of stuff goes on constantly with the stock.
This type of stuff ought not be going on IMO. Stuff like that is what makes me ONLY buy when the prices are low.
I think BKE is a good retailer, but sometimes I don't like seeing "buddy deals" going on with management, and that's why I don't buy the stock until it gets cheap. I continue to watch things with BKE.
BTW, Nmoil, I don't know if you remember me mentioning GFED (a local bank) to you several months ago, but they have begun to show some significant strength over the last year. I bought it as a book value play, but they actually ended up earning 1.01$ per-share in 2011. The stock is up, but it's still in the mid 7$ range (for now), and they have some relatively weak comps in Q1 and Q2, so there's a good chance that EPS will get up to 1.50$ or more. Book value is about 14$ of which none of that is goodwill or intangibles. There are 459k shares of TARP warrants (which they have the right of first refusal to buy back from the treasury), but at any rate, it's got a huge margin of safety at the current price, and probably has really bright future for 2012.