All CylindersA great INVESTMENT:
- Book value was $16.35 at March 31, 2008, $17.75 per share at year end and is now $18.90. I am very happy to hold a company like this.
Managaement sum up the strengths well:
Equitable's record-setting performance in the first quarter reflected the significant benefits accruing from our business model, market position and risk management processes, as well as the substantial progress we're making in applying our operational strategies to offset turbulent economic conditions and enhance investment returns," said Andrew Moor, President and CEO. "In combination, these factors allowed us to drive quarterly earnings to their highest level ever while also further fortifying our capital and positioning Equitable for ongoing success this year. We are particularly pleased that our strategies allowed us to improve net interest margin compared to the fourth quarter - despite another three Prime Rate decreases in the opening months of 2009 - and that we've grown our securitized mortgage portfolio to over $3.2 billion with improved spreads.
Bought near lows in December, Happy to Hold
7Figures