Wednesday, September 9, 2015

Fondul Proprietatea begins sixth share buyback program

Link to press release:

The company plans on buying back up to 10% of its outstanding shares over the next year. I would note that the recent sell off in world markets increased the discount to net asset value to over 36% ( that has since narrowed a bit). I am still a big fan of this security as the fund manager has a mandate and plan to narrow the discount to net asset value via buybacks.  This is like buying dollar bills for .65 cents. Good work when you can get it.


njfinancial said...

Lots of opportunity out there right now...blood in the street type action. When do you buy Brazil? Base metals look ripe.

From your old friend Nick. Figured I'd poke the bear here. Still enjoy reading you.

boubin2 said...

Good to hear from you Nick. Yes many of the BRIC countries look like blood in the street situations. I like Russia at these levels as I believe the Saudi plan to decimate US shale production is working. My view is that oil prices will be heading higher in 2016 and that could benefit Russia. Mostly I am focused on precise stories like Fondul or Select Harvests in Australia. Columbia is also of interest to me.

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