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Adnan Zaman

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  • Market Continues to Under-Appreciate Citi [View article]
    I'm long C-H primarily because of the built-in downside protection the security offers - for more information, please read my article on how the C-H securities work ( In addition, the securities participate in over 90% of the upside and benefit from all dividends issued to the common. In my opinion, anyone investing in the common should prefer C-H - its a very unique security that was created when the company was in trouble...
    Jul 26 08:58 PM | 1 Like Like |Link to Comment
  • A123 Systems: A Growth Story in the Making [View article]
    I haven't checked with Fisker dealers - if anyone has updated info on Fisker delivery expectations, please post!
    May 25 01:35 AM | Likes Like |Link to Comment
  • A123 Systems: A Growth Story in the Making [View article]
    I agree there is risk in the convertibles if cash burn interferes with interest payments, though I think the company should be able to access financing markets once it is on track. Also, if the company is acquired around book value, the converts would be paid out before shareholders see a dime. It is possible they fall behind in technology, though they are at the forefront right now - unfortunately customers care more about price...
    May 25 01:34 AM | Likes Like |Link to Comment
  • A Second Bite at GM - Looking Even Better After Ford's Results [View article]
    I apologize for accidentally writing that both companies were in DC begging for a bailout, when in fact is was solely GM doing the begging and Ford insisting that they can survive without a bailout. Nevertheless, both companies were struggling at the time, and while Ford successfully dug themselves out of the mess without a bailout, GM needed Uncle Sam and the taxpayers' help. What I think most of the people who are commenting here are missing though is that investing should not be an emotional exercise. You are mixing up ill will for the company for "stealing" taxpayer dollars with the fact that the company is in an amazing financial position having "stolen" that money. To me, as an investor, I don't mind that the government handed me billions of dollars and then said I don't have to pay taxes for the next decade or two, I say "thank you" and stick more money is as long as the product looks decent. I agree that Ford's products are a bit fresher and more exciting, but GM is doing alright too, which shows in their sales figures. Ford enjoys a much higher EBITDA multiple because it is perceived as the stronger brand, but I think the valuation gap will tighten over time. I doubt the majority of Americans are going to refuse to buy a GM car because GM needed to be bailed out, They are going to buy the car they like and the car that is the best value, and many are choosing GM, as evident by their surging sales figures. For those of you committed to boycotting GM, you should also boycott most of the banks in this country; or is that different because the government essentially charged the equivalent of usury against some of them? One of the fundamental rules of investing is to invest with your brain without becoming emotionally attached. Too many of you are confusing what GM did or did not do to bondholders, previous shareholders or taxpayers versus what GM can do for its current shareholders. You guys are treating GM like it's your ex-wife who stole all your money when, in fact, it's the new rich girl at the dance...
    May 2 12:33 AM | Likes Like |Link to Comment
  • Large Bank Recap: Favoring JP Morgan and Citigroup Over Goldman and Bank of America [View article]
    Haven't looked into the magnitude of the potential impact of JP Morgan's short positions in the silver market. Are you sure its a completely unhedged directional trade? What's the VAR?
    Apr 24 03:27 AM | Likes Like |Link to Comment
  • The Best Way to Invest in Citigroup [View article]
    7FootMoose - Citi has already repaid all of its loans to America, and the American taxpayers were handsomely rewarded for their investment.

    The security is listed as C-H (7.5% Tangible Dividend Enhanced Common Stock).

    Also, I don't have a position at the moment, but do intend to establish one, just not necessarily within 72 hours...

    My apologies for the delayed response!
    Apr 11 03:52 PM | Likes Like |Link to Comment
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