I was getting a little nervous on account of the fact that no director had made a recent purchase despite a drop in the share price significantly below where they had previously bought with confidence. I am therefore glad to report that Nov. 8th. J. O'Donnell bought 12k shares @ euros 14.40. However, I do not think he has a large holding already. With the latest director purchase (I hope others follow), the share price considered about 27% below fair value (on the evidence, God help us, available), I have changed my mind and made a third purchase of Allied Irish Bank @ euros 14.73.This is partly because my Anglo Irish Bank alternative looks, from the Merrill report, as if it has greater exposure to the yet unravelled Irish property market. Below the rocky eminence on which I stand poised, are two pools, one opaque, the other clear (the latter looks rather as if it might be made of cement). This time, I have deliberately chosen to dive into the one in which I cannot really discern the bottom. Is that really wise, you may well ask.
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