The market is crashing again and I am buying again. First Internet Bank - INBK reported a decent Q after hours today showing 61 cents for the quarter and most importantly (to me anyway) is that tangible book value is now up to $27.80/share. The last print today was $24.38 so the discount is fairly obvious. I did some INBK buying during market hours and expect to add more tomorrow. I also could not help myself and bought some energy names and some SPY. The markets are getting pretty ugly at this point and I'm looking for a bounce. On the economic and earnings front things are still looking pretty darn good. Housing is a weak spot but historically that sector is a very far leading economic indicator (like it can fall one to two years before bear markets/recessions begin). However, I do have to remind myself to trade very small (I'm currently 80% cash) as there is still a slim chance that I'm picking up pennies in front of the proverbial steam roller here.
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Paul SaadSenior Manager, Paul Saad and Associates, LLC Archives
May 2020
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