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BAC is up 76.26% YTD. Pretty much everything the article says makes sense, and I'm happy I closed my BofA account years ago, but at $5 I had to snatch up some o

BAC is up 76.26% YTD. Pretty much everything the article says makes sense, and I'm happy I closed my BofA account years ago, but at $5 I had to snatch up some of that stock. I hardly regret the decision.

brown9-2 15y ago
And BAC is also down -30.2% if you started at one full year from today, or -80% if you go back 5 full years. You can find a way to make almost any stock look attractive if you choose the right starting point.
- JumpCrisscross 15y ago
  I don't think his starting point is arbitrary - the article referred to BAC at around 5 in December. Since the beginning of December when it closed at 5.53 BAC has beaten the Vanguard financials ETF by over 59 points (and SPX by over 67).
jrockway 15y ago
I bought stock at $13.37, down from $60ish. I thought it was a good investment. Nope. BAC: the only company worth less than its cash assets.
- veyron 15y ago
  There are worse banks. For example, Regions Financial quietly slid into positive tangible common equity with the $900M offering last week (for the past few years it was actually negative ...) Bloomberg had a reasonably coherent discussion: http://www.bloomberg.com/news/2012-03-15/stress-tests-pass-fed-s-flim-flam-standard-jonathan-weil.html http://www.bloomberg.com/news/2012-03-15/stress-tests-pass-f... FTA: The footnotes to the company’s latest financial statements tell the story. There, the Birmingham, Alabama-based lender disclosed that the loans on its books were worth $8.1 billion less than what its balance sheet said, as of Dec. 31. By comparison, the company’s tangible common equity, a bare-bones measure of net worth, was $7.6 billion. So if it weren’t for the inflated loan values, Regions’ tangible common equity would have been less than zero, with liabilities exceeding hard assets. EDIT: fixed formatting -- I wish that there were a way to indicate that a quoted block should be wrapped
  - Drbble 15y ago
    > I wish that there was a way to indicate that a quoted block should be wrapped Just use the conventional caret instead of the monospace blockquote
- Drbble 15y ago
  http://seekingalpha.com/#article/279795-5-companies-selling-for-less-than-net-cash http://seekingalpha.com/#article/279795-5-companies-selling-...

brown9-2 15y ago

And BAC is also down -30.2% if you started at one full year from today, or -80% if you go back 5 full years. You can find a way to make almost any stock look attractive if you choose the right starting point.

JumpCrisscross 15y ago
I don't think his starting point is arbitrary - the article referred to BAC at around 5 in December. Since the beginning of December when it closed at 5.53 BAC has beaten the Vanguard financials ETF by over 59 points (and SPX by over 67).

jrockway 15y ago

I bought stock at $13.37, down from $60ish. I thought it was a good investment. Nope. BAC: the only company worth less than its cash assets.

veyron 15y ago
There are worse banks. For example, Regions Financial quietly slid into positive tangible common equity with the $900M offering last week (for the past few years it was actually negative ...) Bloomberg had a reasonably coherent discussion: http://www.bloomberg.com/news/2012-03-15/stress-tests-pass-fed-s-flim-flam-standard-jonathan-weil.html http://www.bloomberg.com/news/2012-03-15/stress-tests-pass-f... FTA: The footnotes to the company’s latest financial statements tell the story. There, the Birmingham, Alabama-based lender disclosed that the loans on its books were worth $8.1 billion less than what its balance sheet said, as of Dec. 31. By comparison, the company’s tangible common equity, a bare-bones measure of net worth, was $7.6 billion. So if it weren’t for the inflated loan values, Regions’ tangible common equity would have been less than zero, with liabilities exceeding hard assets. EDIT: fixed formatting -- I wish that there were a way to indicate that a quoted block should be wrapped
- Drbble 15y ago
  > I wish that there was a way to indicate that a quoted block should be wrapped Just use the conventional caret instead of the monospace blockquote
Drbble 15y ago
http://seekingalpha.com/#article/279795-5-companies-selling-for-less-than-net-cash http://seekingalpha.com/#article/279795-5-companies-selling-...