Friday, September 26, 2008

Bookkeeping: Adding to Regions Financial (RF)

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Regions Financial (RF) was panic sold down to upper $12s this morning, I missed that low but have been adding in the low $13s. Taking it up from 3.2% to 4.9% of portfolio.

Again this is our proxy for the bailout reflex move upward

And actually if their earnings estimates are of any accuracy they are quite cheap at 10x 2008 estimates, whereas the Wells Fargos of the world are almost double the value (of course Wells is a better franchise)

Long Regions Financial in fund and personal account

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