This account is one of my favs.
I’m just trying to imagine the person behind it all.
I’d love to talk NIM and efficiency ratios over a black coffee and Moons Over My Hammy at Lenny’s.
Went out to dinner last night
All alone (as usual)
Guys next to me are chatting investments
SpaceX IPO, trading options, buying Tesla stock, etc
Basically, they're glorified gamblers
They hear me chuckling at them as I polish off my third vodka soda
"What do you invest in, old man?"
I tell them I'm looking at a community bank that's grown its deposits 22% over the last 4 years
Net income was $2.4 million last year
And you can buy shares for only 9x earnings
Meanwhile these bozos are only buying companies at 500x earnings like degenerate gamblers
They ask how much the company is worth
$18 million, I say
It's too small for any serious institutions to care about it
This is the arena I can own, I tell them, as I order another vodka soda
They tell me I'm crazy and go back to their growth "investing" chat
I quietly slip out without paying the bill and drive home in my beat up 2003 Honda Accord
Kids these days just don't understand what value investing is all about