tag:blogger.com,1999:blog-1293000984365585052.post4727913205939750308..comments2023-05-02T08:52:34.816-07:00Comments on Lockstep Investing Newsletter: Crocodiles smile at Bank of AmericaUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-1293000984365585052.post-35686808562483413882010-01-21T11:04:20.297-08:002010-01-21T11:04:20.297-08:00In retrospect, the dilution I was worried about oc...In retrospect, the dilution I was worried about occurred but the US government saved all the preferred shareholders by taking common equity stakes. <br /><br />Who knew? No rules to follow in a credit crisis.<br /><br />It would have been great if I could have bought and held.Lockstephttps://www.blogger.com/profile/18341236022895829445noreply@blogger.comtag:blogger.com,1999:blog-1293000984365585052.post-57944755691903447292008-12-24T10:44:00.000-08:002008-12-24T10:44:00.000-08:00Transparency: On Dec 24th I closed the BAC-PJ posi...Transparency: On Dec 24th I closed the BAC-PJ position at 17.40/share.<BR/><BR/>The reason for closing the BAC-PJ position is the poor leadership decisions of Ken Lewis, CEO of B of A. The recent acquisitions of Countrywide, a defunct mortgage originator, and Merrill Lynch, an asset manager with an unknown quantity of toxic assets on their balance sheet, are questionable at best. Due to the unquantifiable risk and need for capital to sustain this new financial conglomerate, I see preferred shares as at risk for being seriously being diluted. Thus I am closing my position with a small gain and moving on.Lockstephttps://www.blogger.com/profile/18341236022895829445noreply@blogger.comtag:blogger.com,1999:blog-1293000984365585052.post-5837696948654848332008-12-16T12:27:00.000-08:002008-12-16T12:27:00.000-08:00The BAC J Series preferreds reached an intraday lo...The BAC J Series preferreds reached an intraday low of 15.50 on Oct 10th, thus providing our $16/share entry point.Lockstephttps://www.blogger.com/profile/18341236022895829445noreply@blogger.comtag:blogger.com,1999:blog-1293000984365585052.post-82311489350682959672008-11-25T06:28:00.000-08:002008-11-25T06:28:00.000-08:00This comment has been removed by a blog administrator.Poly Muthumbihttps://www.blogger.com/profile/18039413974261796541noreply@blogger.com