They are not just passive investors. They are active managers and can provide property management, asset management and construction management expertise in order for their investments to reach full potential. I think 2008 should provide good opportunities for FUR to take advantage of distressed real estate bargains.
Here some reasons I like FUR:
- Recent heavy insider buying- Bruce Berkowitz, a master investor who runs the Fairholme Fund [FAIRX] owns over 2 million shares in his personal account and has been buying more FUR recently.
He sits on the board of FUR. Here are some of his recent personal insider purchases:
- 11/14/2007 22,900 shares at 5.11
- 11/15/2007 2,100 shares at 5.01
- 11/16/2007 86,000 shares at 5.19
- 11/19/2007 13,700 shares at 5.11
- 11/20/2007 2,000 shares at 5.10
There has also been significant insider buying by CEO Michael Ashner and directors Arthur Blasberg and Howard Goldberg.
- FUR has a great 5-year performance record and has been shareholder friendly.
- Over the last year, FUR paid out about 6% in dividends.
- High profit margins over 65%.
- P/E ratio is around 8 times earnings.
- Price to book is only $1.05 .