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Transaction Details

Company: Washington Mutual
Ticker:WAMU
Yahoo Beta:0.47
Industry:savings and loan banks

Company Description:  Washington Mutual, Inc. is a full service financial services company serving samll and mid-sized companies. They also offer consumer services. More than half of their outstanding loans are mortgages.

Purchase Date:26 Mar 2003 Sale Date:27 Aug 2003
Purchase Price:$35.57 Sale Price:$38.38
  --Split Adjusted:$35.57  --Split Adjusted:$38.38
Shares Purchased:100 Shares Sold:100
  --Split Adjusted:100  --Split Adjusted:100
Transaction Fee:$75.65 Transaction Fee:$79.03
Price Range (6 Months Prior):    Price Range (6 Months After):    
High$36.46 High$0.00
Date21 Mar 2003 Date01 Jan 1996
Low$28.82 Low$0.00
Date03 Oct 2002 Date01 Jan 1996
S&P (Purchase Date):$869.71 S&P (Sale Date):$996.79

Purchase
Timing:  Bought near six month high.
Reason:  At the time of our purchase, financial services comprise about 20% of the S&P. We hold no stocks that are directly in that sector, although GE has significant business in the financial sector. With a P/E less than 9, the company has an attractive valuation. Given that a large fraction of its loan portfolio consists of mortgages, there is some interest rate risk associated with the investment.

Sale
Timing:  
Reason:  Sold to generate cash for rebalancing; not as attractive with recent increases in interest rates.

S&P Gain: 14.61 % Annualized Gain: 38.15%
Stock Gain: 7.9 % Annualized Gain: 19.75%

Dividends:$30.00
Net Holding Return ($): $156.32
Net Holding Return (%): 4.3 %