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Value investors leap out of financials: sign of a bottom?
By admin - Posted on September 2nd, 2008
The Wall Street Journal reports that a number of prominent value investors have unloaded their stakes in beaten down financials, booking hefty losses in the process. The highly-respected Ariel Focus Fund has dumped its stake in Citigroup, booking a 24% loss over three years. Weitz Partners Value Fund has dumped stakes in Fannie Mae (NYSE: FNM) and Freddie Mac . It's impossible to look at these sales without wondering if it's a sign of a bottom. When the most patient investors have thrown in the towel, who is left to sell?
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Bill Miller
Submitted by Anonymous (not verified) on Sat, 09/06/2008 - 08:19.
Hey Bill. How does that 80 million shares of Freddie look these days? alling Miller a value investor is like calling Bush an intellectual.
