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Short Thesis Still Intact at FirstFed [View article]
The article today, with the follow-on comment from exec Goddard, is a tell. They are desperate to blame their problems on the "shorts", as if the shorts devised and executed this high-wire business plan.
Goddard and his partners are afraid that no one will hire their sorry asses after this hits the fan, and are in full
'Bagdad Bob' mode now.
9 Reasons to Short FirstFed Financial [View article]
Trading under a phantom book value is not 'undervalued'. Buying it based on phantom book value ratios is unsophisticated 'fool's gold' mining. Same stupid 'investment' strategy that has killed many wannabe Buffetts over the past couple of years, as the financials are reaping the consequences of their risky, greedy actions.
The "Texas Ratio" and FirstFed Financial [View article]
Rode it all the way down from the $50s...puts are still a good buy for the final descent.