SCOTUS

The U.S. Supreme Court agreed to decide yet another important case involving labor unions.

Here's a link to a pretty good article -- especially by AP standards -- on the inns and outs of the dispute.

Barring something unforeseen we're looking at a 5-4 anti-union and thus pro-business decision, with the liberal 9th Circuit Court of Appeals getting reversed (yet again).

Stock Markets

Mr. Market has been manic-depressive over the past week. Mostly depressed.

With any luck stocks will crater and we'll experience a legitimate crash, a la 1987.

Read "Wall Street on Sale," by Timothy Vick. Be guided accordingly.

Indymac Bancorp

Speaking of investing, Indymac Bancorp is the second largest independent and stand-alone mortgage lender in the country.

Despite a big bounce on Wednesday the company's price-to-book ratio is 0.4. Meaning it's trading at cents on the dollar regarding net assets.

The company's price-to-sales ratio is 0.7. Meaning it's trading at cents on the dollar regarding gross revenues.

The company's dividend yield is 19.85%. Meaning it's yielding more than junk bonds in industries that have been shrinking for a full generation.

So far this calendar year the company's share price has fallen more than 80%. Meaning the Lemmings on Wall St. utterly loathe this business.

Indymac has aggressively been expanding its product base, and thereby increasing market share, in niche arenas of the mortgage sector, e.g., construction loans, reverse mortgages, and subdivision loans.

So, ergo:

1. Read "The Theory of Investment Value," by John Williams.
2. Be guided accordingly.

The Neverending Story

Remember Enron?

Well, the litigation surrounding its collapse still is going on.

Speaking of which, you've heard the one about the differences between plaintiffs' lawyers and leeches, haven't you?

There's only *one* difference: when you die a leech will stop sucking your blood.