from ContraGuys year end columnIn July, hope sprang eternal with
Laurentian Bank ( LB-T +0.22%increase
), which we had previously acquired. When it suggested it was looking to be acquired, the stock popped, and our purchases looked mighty sexy. Ultimately, they weren’t, as no offer arrived and the “For Sale” sign was taken down, with the stock then diving. Currently we’re underwater. Still, our belief is that the stock will move up handily at some point while we consume the fat dividend. The enterprise did cut the payout before, and though we do not think that is likely to happen soon, it is not out of the question by any means.