Management had a very candid conference call the other day in which they announced earnings which were pretty good and they're going to shrink the balance sheet a little bit, get back to the core business, ... They announced a 30 million share repurchase program. The stock is trading at about nine times (earnings). I think it looks pretty good.
More Quotes from Vince Farrell:
AIG trades at a market multiple, and it is indeed the best insurance company in the world, in my opinion. But financial stocks rarely, if ever, trade at market multiples,Vince Farrell
The good news in this correction was that there was a reason for it to correct,
Vince Farrell
I hope when the Internet bubble bursts -- and it will burst because all these manias eventually do burst -- what I am hoping is when it bursts it does not spill back over into the market.
Vince Farrell
Today, you had people reacting to the oil prices, the rumor about North Korea and the more than 200-point rally on Thursday.
Vince Farrell
Both Farrell and Eisen forecast that the major indexes will be caught in the current trading range for some time. I think there will be extraordinary volatility day to day, ... but at the end of a month or the end of the quarter, very little net change. My guess is that the averages will finish slightly up on the year, because usually you don't have more than two down years in a row.
Vince Farrell
Everyone expects that Mr. Greenspan is going to eventually drop the word measured, so as to prepare the market for upping rate hikes at a faster pace in the future. That's going to be the key next week, whether he takes the word out or not.
Vince Farrell
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