EverydayInvestor (< 20)

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Six months later: a look at my dead banks walking

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January 16, 2009 – Comments (8) | RELATED TICKERS: UCBI , BKUNA , CACB

Here is a look at my dead banks walking from a post on June 30, 2008 and their stock prices (prices from close on June 30, 2008, current prices intra-day today as I write this).

CACB - $4.60 from $7.70 (-40%)
BKUNA - $0.70 from $0.96 (-27%)
GBNK - $1.60 from $3.60 (-66%)
UCBI - $10.01 from $8.53 (+17%)
GBCI - $14.55 from $15.99 (-9%)
CORS - $1.37 from $4.16 (-67%)

Also mentioned in that post was DSL, which I was short at the time
DSL - $.05 from around $3 (-98%)

S&P - from $127.98 to $84.68 (-34%)

Not including Downey (DSL), the dead banks walking are down -32%, slightly less than the -34% decline in the S&P. Some of them also paid dividends, which would probably mean they outperformed by about 5 percentage points. Include Downey, though, and my picks win!

Disclosure: I am short BKUNA and will look to add to that position.

Chinese version of A La Clair Fontaine - from The Painted Veil (Chinese Version)

8 Comments – Post Your Own

#1) On January 16, 2009 at 11:56 AM, TDRH (99.92) wrote:

"the dead banks walking are down -32%, slightly less than the -34% decline in the S&P. Some of them also paid dividends, which would probably mean they outperformed by about 5 percentage points"

These are strange days, strange days indeed.

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#2) On January 16, 2009 at 12:20 PM, bothisellhigher (29.82) wrote:

But will they even be walking by the end of the year?

Should you have a little time/inclination...could you please check out the first post of an old fool new to this most interesting collective?

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#3) On January 16, 2009 at 12:32 PM, gmXmkttiming (28.33) wrote:

You didn't even mention STSA. 16 to 3. About time reality finally returned to this overhyped overpumped zombie companies.

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#4) On January 16, 2009 at 12:50 PM, EverydayInvestor (< 20) wrote:

I didn't mention it because I didn't write about it in that post.

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#5) On January 16, 2009 at 12:53 PM, gmXmkttiming (28.33) wrote:

ah yes, good point. Nice list. I can't believe GBCI is still up as high as it is.

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#6) On January 20, 2009 at 10:52 AM, anchak (99.85) wrote:

Hey Reaper....Thanks for the post...I'll obviously also reply on my blog.

Incidentally ..RVA started this profile in CAPS called "Ultrasuck" which is doing this strategy....ie paired shorts...and I saw you rolled it out too.

I am seriously thinking about it.....the question is how to make it profitable and count ( after expenses etc.).....GMX thinks the arbitrage is negated out by Writers in pricing.....

Incidentally, we should try and meet one of these days!

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#7) On January 20, 2009 at 11:32 AM, EverydayInvestor (< 20) wrote:

I'd love to meet you? Do you live anywhere near St. Louis? Feel free to contact me using that feature on my blog: http://www.goodevalue.com/about-me/

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#8) On January 20, 2009 at 3:52 PM, gmXmkttiming (28.33) wrote:

on options. Pure shorting of both ETF's should make substantial money over time. Only concern is if the bear short really rips, the new government might get mad and ban it as Cramer suggests and then you're stuck covering FAZ at 180 or something horrible like that.

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