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Asta Funding

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3:28 pm
November 17, 2009

Jae Jun

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posts 680

Post edited 1:28 pm – November 17, 2009 by Jae Jun

I've known about ASFI for quite a while. Here is my initial post on ASFI while I was going through a list of net nets. It's towards the bottom of the article.

It was $2.64 when I first found it and I was just lazy and kept putting it off until too late. It may still be cheap but I just have to get over a mental barrier I have on ASFI knowing that I am buying about 150% higher than when I first had the chance.

However, unlike me, Jim bought a whole bunch of ASFI and he has been writing about the company on his covestor blog.

http://www.covestor.com/mbr/ji…..odges/blog

2:37 pm
November 17, 2009

Floris

Rotterdam, Netherlands

Member

posts 18

Hey,

Has anyone had a look at Asta Funding. It is currently trading at a discount of more than 50% to NCAV. It is one of the few companies trading at this level (after the rise of the stock market). The company buys up heavily discounted acc. rev. portfolios which it hopes to make a return on. It buys up creditcard debt, company debt, non-performing acc. rec etc. It has down poorly this year but has a strong track record. I will analyze this company further and provide a more detailed story later on. The only thing I worry about is whether or not it has large off-balance sheet liabilities. Other than that, it looks very contrarian (something I like).

Reg,

Floris

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