CREDIT CARD ALERT
Joel Margolis: ‘Don’t know if you’ve seen the latest efforts by banks to make money. It used to be that they would send you teaser rates with your credit cards and then in small print say that there was a 3% fee ($5 minimum and $50 maximum). Now they’ve eliminated the maximum, so that if you got a teaser rate of, say, 1.9% for $20,000, the previous fee of $50 is now up to $600.’
☞ I’m not sure how widely this applies, but it’s one more reason to double check the fine print before going for any of these deals.
SELL FMD? BUY?
If you own this one, Barron’s, Saturday, has a detailed assessment likely to send the stock lower. It makes me very nervous to think of you losing money (or giving back paper profits). Then again, I hate to see you dumping the same day everyone else does – that’s often the exact wrong time to sell. (The old adage, ‘buy on the rumor, sell on the news’ is reversed in the case of bad news. And a negative story in Barron’s, widely read by investors, is bad news. So the adage would have you buying at bargain prices when people dump their shares. But you know what? Wall Street has an adage for everything – including ‘quit while you’re ahead.’) So the truth is, I don’t know what you should do. My guru has read the article and remains unfazed. If it drops far enough, I may buy more. But everyone’s situation is different.
GLDD – DON’T SELL YOUR WARRANTS
A write-up over at the Value Investors Club (250 serious investors who share their ideas with each other) sees Great Lakes Dredge & Dock (GLDD) as attractive – reassuring to those of us who bought warrants. The company sits on a record backlog from its international business, goes this argument, and here at home, revenues have been artificially depressed because, with the war, ‘Federal funding for dredging projects was cut in half after being stable and growing for the prior 50 years.’ ‘We’re not positive when the domestic dredging will rebound, but it’s reckless for it to be so low for as long as it’s been. We feel it’s only a matter of time.’
Whether enough of this will become evident before February, 2009, to further buoy the price of the stock (and with it, our warrants), remains to be seen. But if you bought them with money you can afford to lose, hang on.
Anon: ‘You’re really starting to embarrass yourself with your Borealis posts. Honestly, give it a break. You made a mistake, it’s OK. Let it go. Move on. You’re systematically discrediting your site and I likely won’t return. For your own sake, please be careful not to become a flake. Sorry to be so blunt.’
Mike Wallin: ‘Any chance of selling some WheelTug things to Jet Blue? That way, they could tow the planes to their destination instead of keeping the passengers hostage on the tarmac for hours.’
☞ Now, now, Mike.
MEANWHILE, UP IN CANADA
While Delta and Borealis work to maybe get those planes a-tuggin’ (a speculative venture, unquestionably, but I’m not sure why it’s ’embarrassing’), the little Canadian outfit that Borealis subsidiary Roche Bay has teamed up with to exploit its iron ore deposit harbors hopes, expressed in this press release Friday, of raising $20 million to move things to the next stage.
Hopes and $4.50 will buy you a venti Frappuccino, I know. But man can’t live by index funds alone. (At least not this man.)
AND IN KENTUCKY
Linda Crown: ‘This remarkable young woman was forced to leave the Coast Guard Academy because she is gay. She’s now on a bus with other LGBT men and women traveling through the country attempting to [dialog with students at religious colleges].’
☞ Jesus wouldn’t have let them congregate, either – click here.
Quote of the Day
The social safety net should be a trampoline, not a hammock.~Bill Weld
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