Anton Schutz's Burnham Financial Industries fund has taken investors on quite a ride lately.
"If these guys don't achieve value, they can certainly sell for more than their companies are currently worth, " Schutz says.
Mrs Schutz, who imports four varieties of Austrian beer, says she intends to take her case to the European Parliament.
Schutz also figures the bosses at Cowen and Gleacher may decide to call it quits and cash in for a premium.
"I'm looking for management teams that have been around a long time, have sold before and done the right thing, " Schutz says.
But the bank is adding low-cost deposits, and with the stock trading at a mere 95% of its book value, Schutz is staying put.
In addition to Webster's improving health, Schutz likes the fact that it has a patient financial backer in Warburg Pincus LLC, with a 16% stake.
If you'd entrusted your bank investments to Schutz throughout the worst financial crisis since the Great Depression, however, you'd have reason to keep the faith.
With this in mind, Schutz figures a bank whose shares can be had for about one times book value today may well fetch 1.5 times book in a year or two.
Among big banks, Schutz has a sizable position in Citigroup, which he expects to generate the best returns among money center banks as it sells off bad assets and begins buying back stock.
Trading standards officials in Worcestershire admitted the law governing alcoholic drinks was "bizarre", as bottled drinks in pubs were all served in metric measures, and said they had some sympathy with Mrs Schutz.
Investors in Schutz's sister fund, Burnham Financial Services, enjoyed a windfall on one of his acquisition plays in April when shares of Bancorp Rhode Island Inc. surged 50% on news of a Brookline Bancorp buyout at 1.8 times book value.
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