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Holding: CYN

isiahil [75]

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Symbol Sector Return Exposure Trades Last Trade Status
CYN Banks 21.92%  n/a 2  22-Jul-08  Prior Holding
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17-Jul-08

Met CYN

Holding Rationale for CYN.

Well since everybody is this thread seems to be giving short term advice, I am going to throw in some long term investing advice.
CYN - Its a bank that only lends to businesses and rich people. They have a rock solid balance sheet with over $300 million in cash. Their loans are so good that they have NEVER had a default on their mortgages. They have been doing write downs on their loans that lent money to some house builders, but it has been small so far. Plus they house builders loan makes up only 5% of their total outstanding loans. Like last quarter they wrote down $17 million which is nothing compared to what they made. This quarter I am actually expecting a rise in their net profit year over year(if their  net interest expenses dont get a surprise jump). They also have a wealth management segment that have been giving them growth for years. Its a great company by any measure and it has been sold off with all the other banks, which is why I am recommending it. Before this little financial rally its was at like a 9 p/e. Which is dirt cheap for this company.  And they dont own and Mortgage backed securities, SIVs, CDOs, or any of that other stuff. Anybody that is looking for a deal and has a long term outlook you aren't going to find a better deal than this.


Tagged Stocks: CYN

 

Posted at 13:00 in Holding Rationales  |   Permalink   |  Top

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Credibility in CYN

isiahil

CYN Out
Rank 2/6
Return 21.92% at 2010-03-17
Rank 2/6
Trades 2
Followers 5
 

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