Friday, October 12, 2007
Fly Buy: CRESY
Disclaimer: If you buy CRESY because of this post, Rick Santelli will fix his teeth. And, you may lose money.
SHA (Amex) - Chinese & Profitable Company with $3 cash per share (10 p/e) - Atorka (Norwegian) just bought 20% stake in SHA http://www.atorka.is/desktopdefault.aspx/tabid-179/125_read-471/ - total float is 17 mln but insiders own 9 mln and 6.5 mln insitutions such as Citigroup and Detusche Bank http://finance.yahoo.com/q/mh?s=SHA
One of the few ontuched (yet) Chinese plays
If that is Argentine beef, you'll get some juicy 3 1/2 inch rib eyes out of them there beef.
They own buttloads and buttloads of Argentinian farmland, and other hard assets. One farm they bought was 400 times the size of Manhattan (!!).
They also picked off a bunch of gold coins from the stupid Argentinian gov't. At peso cost (1/3 off) for the price of gold, with no numismatic value attached... and apparently some of them were serious collecter's items.
Anyway, they're opportunistic, and they stock is similar to what JOE was a couple of years back -- an unrealized gain play.
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