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Excelsior's Williams Buys `Cheap' Morgan Stanley, Lehman Shares
Submitted by admin on Thu, 08/23/2007 - 09:00
David Williams, manager of the Excelsior Value & Restructuring Fund, is buying Morgan Stanley, JPMorgan Chase & Co. and Lehman Brothers Holdings Inc. because their shares are inexpensive compared to their profits.
Williams increased his holdings of financial stocks to a quarter of the $8.9 billion mutual fund, anticipating an interest-rate cut by the Federal Reserve. Shares of brokers, which declined 12 percent this year, rebounded last week after the central bank lowered the rate it charges banks for loans.
'Financials aren't getting a fair shake,' the 65-year-old manager said from his office at Excelsior Funds Inc. in Essex, Connecticut. 'I've never seen them so cheap in my life.'
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