Countrywide Datapoint of the Day

Countrywide (CFC) is now trading at a price/book ratio of 0.39. The collapsing share price now looks increasingly like a self-fulfilling prophecy: the number of entities willing to lend Countrywide a few billion more, when its entire market cap is now floating around the $5 billion mark and it has total debt of $122 billion, can probably be counted on the fingers of one thumb. I wonder what the mark-to-market value of Bank of America's $2 billion in convertible bonds is? Boy was I wrong about that investment.

Comments

[yourfilled:]

Wrong, Dead wrong. But what about the thousands you cost investors. You were wrong, you had no money. Where was your stop loss, or a put. Must be fun to be wrong...when its not your cash.
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author Tricks of the Active Trader.

2007 Nov 22 03:09 PM