market folly

Tom Brown's hedge fund firm Second Curve Capital has filed a 13G with the SEC regarding their position in Consumer Portfolio Services (CPSS).  Per the filing, Second Curve has revealed a 5% ownership stake in CPSS with over 1.22 million shares.

This marks an increase in their stake of 413,687 shares since the end of 2013.  The filing was required due to activity on April 23rd.

Per Google Finance, Consumer Portfolio Services is "a specialty finance company. The Company’s business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and, to a lesser extent, by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through its automobile contract purchases, it provides indirect financing to the customers of dealers who have limited credit histories, low incomes or past credit problems. It serves as an alternative source of financing for dealers, facilitating sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions and the captive finance companies affiliated with automobile manufacturers."