JeffreyLipsey.com

I took advantage of a huge drop in price today to nearly double my position on Manitowoc (MTW) at $29.57 per share. I had been waiting for the news to come in that they won the auction to purchase Enodis. Its funny, as soon as it did their stock price dropped like crazy. I really don’t get why though but I assume it has something to do with the crazy market right now.


If you look at the financials, NOTHING HAS CHANGED. They still have all the great ratios and numbers that they had when I first bought it, but now its at a much cheaper price. Not only that, the PE Ratio is now under 10 and the company just affirmed its EPS for the year as to be the same as ever. Plus, the company still has large growth expectations! What isn’t there to like?


The new purchase is going to increase their 2009 Earnings and will help them move into the high-growth area of Asian food markets. Not buying this right now doesn’t make any sense. That said, this purchase dropped my average cost from $39.50 to now $34.50, nearly 15% in total. I expect it to go back way up when people realize what value is in this company right now.


On a side note, FRO took a huge dip today terrorizing my profits. Volatile market conditions blow ass!

I got woken up around 9:30 am by the maintenance worker, he was here to fix my balcony door handle. I was pretty dazed but seriously, they shouldn’t come until after noon on most days of the week. Don’t they know college kids live here?


He banged real loud on the door 3 times and for some reason I had a hunch his ass would come early as fuck, so I wasn’t surprised to see him. The bug guy that the apartment complex hires to come in and spray for bugs knows not to come in before 11 am. Shit, he even apologizes for waking me up.


Not this guy. The maintenance worker today was the older Asian guy, he reminds me of the guy that gets his dick cut off in Kill Bill when they’re in Japan, only like 20 years older. If I were a girl I’d be really creeped out; I’m only slightly creeped out right now though.


I fell back asleep until at least 12:30 though, and since I’m headed to Kiyoshi’s around 5ish I really don’t have much time to do anything productive today. Had I gotten up at 9:30 that wouldn’t be the case but whatever.


I am going to head to Gamestop to trade in some old X-Box games and to buy another Guitar Hero Controller. It shouldn’t cost me much of anything given I’ve built up enough store credit.

Today was a pretty good day poker wise. I got in almost 4 hours of play, which is the most I’ve played in nearly two weeks. I got almost 700 hands in during that time and made close to 2 buy ins. I feel like I played pretty well, as I avoided spewing and took money from the bad players.


I still feel like my blind play needs some work, and also the light 3 betting. I’m hoping that the more comfortable I get at 400 NL I’ll be able to make some more of these read based plays, and not care as much if I lose


I’m headed to Kiyoshi’s tomorrow night so hopefully I’ll get a few hours of play in before I leave, although I swear the time flies. I’ll probably have to get up and start right away as its going to be another party weekend. Not good for my wallet but definitely fun.