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To: Covenant who wrote (515)

4/26/2012 3:54:43 PM

From: Covenant

of 1876

A subset to the 52 week low list is the all time low list. 6 companies have hit all time lows so far today including 4 with spanish names. Argentina should have a number of companies hitting all time lows this year due to the confiscatory regulatory regime. At some point, several of these will probably be good buys.

Cheap companies often get cheaper. And then cheaper still. There is absolutely no reason to go into Argentina early as the already bad situation is likely to get worse. As an example, the phone company TEO is very profitable and very cheap. A further discount can be had by buying NTL which owns TEO stock. But with no TEO dividend, NTL has no revenues. That is a company killer. No dividend in general removes the reward while keeping all of the risk. This is not something I'm willing to do.

I suspect that my 2012 year end holdings will have a 10% to 15% Argentina weight. But I'm not planning on going in early.

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Sym Name Last Change Percent High Low Volume TimeLinks

ART	Artio Global Investo	3.83	-0.39	-9.24%	4.20	3.81	229,307	15:31
EDN	Empresa Distribuidor	2.14	-0.37	-14.74%	2.50	2.03	20,334	15:29
PAM	Pampa Energia S.A.	6.65	-0.26	-3.76%	6.90	6.57	78,064	15:29
PRIS	Promotora De Informa	2.12	+0.02	+0.95%	2.12	1.95	18,685	14:22
XRM	Xerium Technologies	4.91	-0.03	-0.61%	4.96	4.82	30,574	15:30
ZIP	Zipcar Inc.	12.20	-0.13	-1.05%	12.49	11.52	1,127,773	15:31

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From: bankbuyer

4/26/2012 4:04:14 PM

1 Recommendation of 1876

Advent will lose money in 2012

Based on easy math and data provided, their Q1 will fall far short of yearly expenses.

"
For the Three Months Ended March 31, 2011


				Appraisal			Financial
	Corporate			Management			Intermediary		Eliminations			Total

Income and Revenues:
Service fee income	$	—		$	18,886		$	5,783	$	—		$	24,669
Interest income — mortgage securities		3,018			—			—		—			3,018

Total		3,018			18,886			5,783		—			27,687
Costs and Expenses:
Cost of services		—			16,694			2,201		—			18,895
Selling, general and administrative expense		3,713			1,521			791		(492	)		5,533
Other expenses (income)		360			30			204		140			734

Total		4,073			18,245			3,196		(352	)		25,162
Other income		433			10			—		(352	)		91
Interest expense		(312	)		—			—		—			(312	)

Income (loss) before income tax expense		(934	)		651			2,587		—			2,304
Income tax expense		31			—			—		—			31

Net income (loss)		(965	)		651			2,587		—			2,273
Less: Net income (loss) attributable to noncontrolling interests		—			(183	)		673		—			490

Net income (loss) attributable to NFI	$	(965	)	$	834		$	1,914	$

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