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Prudential Bancorp (NASDAQ:PBIP) is a one-time thrift conversion that has been completely forgotten by the market, yet it’s repurchasing stock and has noted activist investors with significant stakes. In a buyout scenario – which is typical of most thrift conversions – the stock could be worth 50% (and maybe 60%) more than it’s currently fetching in the market, and it can be sold at any time.

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I sat down with Bobby Kraft (of Planet MicroCap) recently to talk about the new book, how to make money investing in thrift stocks, how the game show Jeopardy holds quite a few lesson for investors, and what I learned about investing from collecting baseball cards. I must not have been the only 10-year-old kid arbitraging baseball wax packs, right?

It's already been a banner year for thrift conversions, with tons already announcing a conversion. You can see the latest 2021 line-up here.

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Recently I joined Tobias Carlisle at The Acquirer's Multiple podcast to chat about the new book, The Zen of Thrift Conversions, and how thrift conversions work. We discuss how to value thrifts, what kinds of returns you can expect, how to use activist investors to supercharge you returns and why this little niche of the market can continue to offer attractive risk-adjusted profits for investors. It's classic value investing, but with a catalyst in a potential buyout.

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