The
Ben Graham: Net-Net Newsletter's
August's pick is a bank with a checkered past that was heavily
involved in subprime lending. The bank was required to wind down
all subprime products and is in the process of liquidating. The
bank has sold their loan portfolio and deposits to a Pennsylvania
bank, which is pending approval. The bank is selling for 56% of
adjusted book value. Upon sale completion book value will be
mostly liquid cash.
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This month's pick:
The
Ben Graham: Net-Net Newsletter's
August pick is a bank is the process of liquidating, the current
price is far below a reasonably adjusted book value.
This month's pick:
�
Has submitted a liquidation plan to the FDIC to be
executed by Dec 31
st
2012.
�
Entered into a transaction to sell loans and deposits to
Bryn Mawr Trust. All other liabilities can be settled by cash on
hand.
�
An adjusted book value of $3.48 with a last trade of
$1.95
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"It always seemed, and still seems, ridiculously simple to
say that if one can acquire a diversified group of stocks at a
price less than the applicable net current assets alone...the
results should be quite satisfactory. They were so, in our
experience, for more than 30 years."
- Ben Graham
What's a Net-Net?
A net current asset value bargain-or net-net-is a stock selling
for less than the value of its current assets-cash, receivables,
and inventory-minus all liabilities. Basically, it's a stock
selling for less than its liquidation value.
What's the Ben Graham: Net-Net Newsletter?
GuruFocus's Ben Graham: Net-Net Newsletter is written by Nate
Tobik. It picks one new net-net every month. The newsletter goes
out to subscribers on the first Friday of the month. The
newsletter looks for stocks that have both a tangible margin of
safety and reasonable upside potential.
So, get your copy of the Ben Graham: Net-Net Newsletter
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