Post by
Northforce13 on Oct 05, 2023 6:16pm
Out for combo of reasons
1: Wanted to build my position in BFH, a U.S. bank that has been crashing and is under attack by shorts (I think), so took the tax loss on LB and moved funds into that, for the long term.
2: The sheet show at LB is driving me bonkers. First the screwup with the takeover offers, then they fire the CEO, and the chair leaves, all indicating everything is a giant mess behind the scenes and the board has no cohesion. They put in a new CEO, who might suck as bad as the second before last one (Alex Pourbais? off memory), which seemed like an "ok dude" but nowhere near the caliber of normal bank CEOs. I have a character flaw in that incompetence really grates on my nerves, so I'm bailing. have just mini positions left sitting in my TFSA.
That being said, LB is super cheap at these levels, and very highly likely to gain once the current problems stabilize and all the smoke lifts over the next 2-3 quarters. Pretty sure people hanging in there will do nicely with it.
GLTA fellow investors
Comment by
Northforce13 on Oct 05, 2023 6:34pm
BTW, BFH is P/E 3, P/B "Your welcome" to those who understand what all the above means and benefit as a result.
Comment by
rad10 on Oct 10, 2023 6:00am
Now is the time to be doubling down on Laurentian. Its frustrating that no deal was consummated, but the changes at the top are to get a deal done. The market has over reacted big time. I took some off the table when the strategic plan and an offer had been announced. Wish I had sold it all, but hindsight is always 20:20