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Investors Title Co. Message Board

  • pjv2xyw9dww4b6 pjv2xyw9dww4b6 Nov 17, 2008 4:45 PM Flag

    Mr. Kahn


    Mr. Kahn, at 102, has been around longer than has the ANAT dividend. I wonder whether he will support the polar bear's bid to have ANAT headquarters towed to the North Pole on Golden Ocean ships.

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    • pj:

      "Insisting on lower and lower prices for new purchases is a form of discipline".

      I agree with this statement as long as the stock doesn't decline permanently with the possibility of going to zero. I have a recent example. Earlier this year I bought 3000 shares of PFFB.OB (Pomona First Federal Bank) after it agreed to be acquired by FBOP, a privately held bank for $1.35. per share. I paid $1.04 thinking I would get a 30% return in less than six months. I expected the merger to occur shortly after the PFFB shareholders voted to approve the deal which, I think was in October. The stock moved up to about $1.30 about the time of the vote and the vote was approved. However, the merger was not soon completed and the stock started to go down as the vague date for completion receded into the distance. Finally, I had enough and sold my stock for $1.07, which netted me a magnanimous gain of $85. I am now rejoicing because yesterday PFFB and DSL were seized by the FDIC. I assume the current shareholders will get $0.

      Certainly ANAT is not PFFB or DSL. I try not to dabble in junk to make easy money but sometimes I yield to temptation. Usually I limit this nonsense to small sums.

      As a holder of ANAT, I hope we don't have to average down much longer on ANAT.

    • pj:

      I am considering a policy of not buying stocks in companies older than I am. Under that policy Mr. Kahn would have a larger universe of stocks to invest in.

      I have a hunch that I will get an execution in ANAT tomorrow at $60. If I do, my patience will have been vindicated until ANAT goes to $50. You win some and you lose some. Well, at least, you used to be able to win some.

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