RE:Trevor Rose's Insights - BUY ON WEAKNESSI think Mr. Rose's comments are very kind to the company. They are in the business of leasing space to mostly individuals but if you look at there financial statements you would think that their primary business is financial engineering. Borrow money here, buy back share there, pay dividends here, issue more shares here.
Book value at $0.24, no intention of slowing down borrowing money, no intention of eliminating the most pathetic dividend in the marketplace and it appears no intention on slowing down leveraged buy outs when going into an economic slowdown. First thinkg people will get rid of is their excess stuff and storage lockers.
The company needs to stop the expansion, reduce head count, concentrate on paying down debt and increasing free cash flow. Get back to the business that i thought i was investing in.
I will lick my wounds and exit today on a modest bump but will revisit the stock again once I see that mangement is focused on building a lasting, solid company.