Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Berkowitz Mans Up on AIG Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, May 10, 2011

Berkowitz Mans Up on AIG

News summary by MFWire's editors

Sometimes you have to know when to hold 'em and when to fold 'em. Evidently, Bruce Berkowitz of Fairholme Fund [see profile] has not found his game when it comes to his bet on AIG.

During a conference call with shareholders yesterday, which was picked up by The Wall Street Journal, Berkowitz confessed that he was wrong for holding on to the stake.

According to the pub, Berkowitz made his bets on the stock in Q1 2010, riding it from the $22-$34 range up toward $60. However, AIG shares are now trading around $30 a share and, according to FactSet data, Berkowitz purchased most of his shares when the stock was trading above $32.

"The government wants to sell 1.6 billion shares with their cost basis around $29 per share," Berkowitz was quoted by the WSJ as saying in the conference call with shareholders yesterday morning. "Well, I ask you, guess where the public offering will come, given the government is not in the business of making profits. My guess is around $27 to $29. You could ask, why do we hold? Well, I was wrong."  

Edited by: Hung Tran


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use