Collector Owes Debt to Experienced Management Team

By Steve Watkins, For Investor's Business Daily

Discipline and patience.

Those are the watchwords for Chief Executive Gary Stern and his company, Asta Funding. (ASFI) He has more than 30 years of experience in the consumer debt business. His father, 83-year-old company Chairman Arthur Stern, has more than 40 years.

Over time, they've learned a great deal about how to make money by buying bad consumer loans and collecting on them.

"The whole key to this business is purchasing portfolios at an attractive price," Gary Stern said.

The key to that, he says, is to not jump the gun once a portfolio becomes available. Some firms feel pressure to buy, but Asta doesn't.

"The risk is if you buy at too high of a price," Stern said. "We'd rather pass on a portfolio than pay too much."

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