Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Bank of america
Old 07-21-2011, 07:04 PM   #1
Recycles dryer sheets
 
Join Date: Jun 2011
Location: Buffalo
Posts: 66
Bank of america

What is everyone think about it. $10.23 reading where they are thinking up to $20. Thoughts
__________________

__________________
Snowx800 is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-21-2011, 07:11 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,577
I was worried when I saw BAC dipped below $10 earlier this week. Lots of bad stuff happening with them recently. Hope this "too big to fail" bank doesn't go under. Last thing we need right now. I'm sure the regulators are losing sleep over this one.
__________________

__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 07-21-2011, 07:38 PM   #3
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,379
Snow, I think you need to do more reading. Put more money in an index fund and relax.

We had one member here that was highly invested in BofA and went back to work because of it during the crash.
__________________
Work is something you do to get enough $ so you don't have to....Me.
73ss454 is offline   Reply With Quote
Old 07-21-2011, 07:39 PM   #4
Recycles dryer sheets
VaCollector's Avatar
 
Join Date: May 2007
Posts: 488
oh oh me me me.....

BAC is a BUY BUY BUY!!

Full disclosure ~ I've owned this stock since 2006 and have lost more $$$ than a lot of folks actually have....

BUYER BEWARE as BAC does NOT give a hoot about its stockholders!

IMHO this may be the ONLY big bank with a real shot at going under....with the "wonderful" deals made to acquire Countrywide and Merrill Lynch, everything that I read seems to indicate that all of the investment/mortgage mess may not be behind them....

It also seems that BAC is the whipping boy of choice for the media....add to that the possibility that Wikileaks has something on them that just might fuel the fire ~ I would RUN not walk to any other financial institution if that is the area in which you feel that you must invest.

I forgot to add that when I think that the stock can't go any lower or that the news can't get any worse ~ IT DOES!!

PS ~ thanks for remembering me 73ss ;-)
__________________
VaCollector is online now   Reply With Quote
Old 07-21-2011, 08:02 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,577
Quote:
Originally Posted by VaCollector View Post
oh oh me me me.....

BAC is a BUY BUY BUY!!

Full disclosure ~ I've owned this stock since 2006 and have lost more $$$ than a lot of folks actually have....

BUYER BEWARE as BAC does NOT give a hoot about its stockholders!

IMHO this may be the ONLY big bank with a real shot at going under....with the "wonderful" deals made to acquire Countrywide and Merrill Lynch, everything that I read seems to indicate that all of the investment/mortgage mess may not be behind them....

It also seems that BAC is the whipping boy of choice for the media....add to that the possibility that Wikileaks has something on them that just might fuel the fire ~ I would RUN not walk to any other financial institution if that is the area in which you feel that you must invest.

I forgot to add that when I think that the stock can't go any lower or that the news can't get any worse ~ IT DOES!!

PS ~ thanks for remembering me 73ss ;-)
I remember you too and your experience with BAC. I also agree this is the only big bank with a real shot of going under. I know you're watching this more closely than most of us and would appreciate your thoughts going forward. This is a worry for sure.
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 07-21-2011, 08:28 PM   #6
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,320
Quote:
Originally Posted by Snowx800 View Post
What is everyone think about it. $10.23 reading where they are thinking up to $20. Thoughts
As VaCollector advises, you need to scroll through his old BAC posts.

Some stocks are screaming buys, others are blatant shorts.

And some are so dysfunctionally psychotic, with overtones of fraud and felonies, that you just wouldn't want to touch them even with somebody else's 10-foot pole. Not even Brewer can put together a good revenue model of their business. Heck, not even BAC can put together a good revenue model because they're too big to keep track of themselves.

But if you're one of those people who likes to ride rollercoasters 40 times in a row while holding your hands in the air... you'll definitely get a wild trip here.

If you must pick a good dividend stock, though, start with this blogger's posts:
Dividend Growth Investor
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
To Va Collector
Old 08-02-2011, 11:19 PM   #7
Confused about dryer sheets
 
Join Date: Jul 2009
Posts: 1
To Va Collector

I've read your saga with interest, and believe I have you beat. DH worked for BAC and accumulated 50,000 shares between $16-18 per. When stock hit $50 (yes, I know it went above that once), I urged him to sell half. No, because of cap gains tax. When it slid to $30 I begged sale of half. Again, no due to cap gains. When it hit $15 I groveled, and was turned down due to cap losses. By now it is pointless.

This stock represented 50% of our holdings. We are retired, so not much chance to recoup.

I believe DH has a new,innovative theory -- hold 'n hope.

Perhaps we can be partners in misery!
__________________
wannabe is offline   Reply With Quote
Old 08-03-2011, 05:24 AM   #8
Recycles dryer sheets
VaCollector's Avatar
 
Join Date: May 2007
Posts: 488
Quote:
Originally Posted by wannabe View Post
I've read your saga with interest, and believe I have you beat. DH worked for BAC and accumulated 50,000 shares between $16-18 per. When stock hit $50 (yes, I know it went above that once), I urged him to sell half. No, because of cap gains tax. When it slid to $30 I begged sale of half. Again, no due to cap gains. When it hit $15 I groveled, and was turned down due to cap losses. By now it is pointless.

This stock represented 50% of our holdings. We are retired, so not much chance to recoup.

I believe DH has a new,innovative theory -- hold 'n hope.

Perhaps we can be partners in misery!
Misery partners we ARE!

I understand his decisions as mine were similar....after all, we were doing
exactly what we were taught....

"what more conservative investment is there than a good bank stock? ....buy and hold....
don't worry, the market will turn around....give 'em a couple of years,
they'll be back stronger than ever.....it can't keep going down...."

all of these were comments from "people who know" about such things....

...and now ....hold 'n hope....I LIKE IT! That could even be a new
political slogan come next fall

Thanks for sharing your misery.....taking ownership of things like that
take some bit of courage ~ especially when sharing with a bunch of
strangers....super knowledgable and friendly (for the most part) strangers...
but strangers none the less...

Thanks again for sharing and WELCOME to the board!!
__________________
VaCollector is online now   Reply With Quote
Old 08-03-2011, 05:46 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,075
I know people that have done the same thing.... single stock, a major part of their wealth and fail to diversify... then lose most of it.

It seems that many of these people decide to wait for it to come back... unfortunately, It may not do it in their lifetime or for many years.
__________________
chinaco is offline   Reply With Quote
Old 08-03-2011, 05:49 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 5,522
Quote:
Originally Posted by chinaco View Post
I know people that have done the same thing.... single stock, a major part of their wealth and fail to diversify... then lose most of it.

It seems that many of these people decide to wait for it to come back... unfortunately, It may not do it in their lifetime or for many years.
When I worked at MegaMotors, I was amazed at how many had their whole 401(K) invested in MegaMotors stock. Pretty clever diversification.....
__________________
Feral Engineer - Idle Dandy
travelover is offline   Reply With Quote
Old 08-03-2011, 06:35 AM   #11
Recycles dryer sheets
Col. Klink's Avatar
 
Join Date: Jul 2011
Posts: 54
I'm sticking with my Vanguard Wellesley, but if you feel you MUST invest in the banks now then an etf like VFH would be the move to make. As others have indicated in this thread - diversify.
__________________
Col. Klink is offline   Reply With Quote
Old 08-03-2011, 10:39 AM   #12
Thinks s/he gets paid by the post
DblDoc's Avatar
 
Join Date: Aug 2007
Posts: 1,224
Quote:
Originally Posted by travelover View Post
When I worked at MegaMotors, I was amazed at how many had their whole 401(K) invested in MegaMotors stock. Pretty clever diversification.....
Or in their bonds...

DD
__________________
At 54% of FIRE target
DblDoc is offline   Reply With Quote
Old 08-08-2011, 08:20 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,577
This is worrisome:

AIG sues BofA for $10 billion alleging "massive fraud" - Yahoo! Finance=

Right now, BAC's down to $7.39 a drop of over 9%
__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 08-08-2011, 10:21 AM   #14
Recycles dryer sheets
JBmadera's Avatar
 
Join Date: Apr 2010
Location: Madera
Posts: 227
It's on its way to $5
__________________
JBmadera is offline   Reply With Quote
Old 08-08-2011, 05:49 PM   #15
Thinks s/he gets paid by the post
BUM's Avatar
 
Join Date: Feb 2004
Location: 34N 78W
Posts: 1,756
As far as financials go... I own SKF. Today was a very good day. I'll likely unload soon.
__________________
In a panamax down by the river.
BUM is offline   Reply With Quote
Old 08-09-2011, 09:43 PM   #16
Recycles dryer sheets
Coolius's Avatar
 
Join Date: May 2010
Posts: 262
I used to be a customer of BAC, many years ago. But the bank was so terrible in the way it stiffs customers with nickel-and-dime fees, and the arrogance of many ( not all ) of its staff and customer service, that I left after a short and frustrating time.

So am not totally surprised to hear of their being embroiled in Subprime mortgages, robo-signing, CDS, and other nefarious activity.

It will have to be a cold day in Hades for me to buy any shares of BAC - however, I reserve the right to short, and buy to cover if the opportunity presents itself. Should have done so last week......
__________________
Coolius is offline   Reply With Quote
Old 08-09-2011, 10:25 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 6,694
I am not a big fan of BAC either. However, during the last crisis I bought some shares of BAC prefered stock BAC/prL for my 85 year old mom's account. It has coupon of 7.25% and actually is convertible to BAC common and $50/share (he he).

I mean to sell when it reached par in June, but forgot about it.

Today's rally helped push back up to $821 where it has current yield of 8.1%
In the past bond holders and most preferred stock holders have not been hurt by to big to fail banks. Any reason to expect that this time will be different.

Needless to say I certainly have no other investment ideas that would provide my mom with 8% return. I should add it is <1% of her portfolio so not a big deal either way.
__________________
clifp is online now   Reply With Quote
Old 08-10-2011, 08:35 AM   #18
Recycles dryer sheets
 
Join Date: Jul 2005
Posts: 266
I too have been thinking of BAC , as a long shot. If they get another bailout use superior business skill to rebuild the company , it could be a " Ten Bagger" as Peter Lynch used to say.
__________________
Lakewood90712 is offline   Reply With Quote
Old 08-10-2011, 11:12 AM   #19
Full time employment: Posting here.
 
Join Date: Jun 2004
Location: Pullman
Posts: 633
Quote:
Originally Posted by Lakewood90712 View Post
I too have been thinking of BAC , as a long shot. If they get another bailout use superior business skill to rebuild the company , it could be a " Ten Bagger" as Peter Lynch used to say.
You may get your wish based on this news piece from CNN this morning
Bank of America's back-door TARP - The Term Sheet: Fortune's deals blog Term Sheet
More backdoor subsidy for the folks at BoA. Frankly, I find their business practices so distasteful, I see no reason to fool with them when there are so many other great choices to invest.
Nwsteve
__________________
nwsteve is offline   Reply With Quote
Old 08-10-2011, 12:38 PM   #20
Recycles dryer sheets
James5v's Avatar
 
Join Date: Oct 2007
Posts: 88
I took a shot and bought a little at 7.00 today.
__________________

__________________
James Otis
James5v is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
USAA Bank ending debit-card rewards mickeyd FIRE and Money 6 07-09-2011 07:05 PM
Non-Recuring Recuring expenses Rustic23 FIRE and Money 18 07-04-2011 01:32 PM
Ally Bank now has TIRA & Roth IRA CD's veremchuka FIRE and Money 0 06-24-2011 04:51 PM

 

 
All times are GMT -6. The time now is 05:58 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.

Early Retirement News right to your Email!

Stay up-to-date with all the latest news to your inbox!

unsusbcribe at anytime with one click

Close [X]