You mean this?: (this is a classic)
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Here is what Dick Bove said a year ago:
"This is a generational opportunity to buy (bank stocks) on the cheap."
It was, huh?
In addition:
In fact, on the phone with me, he admitted that he expects a "mild to moderate" recession - remember that while I (and many others) believe we are in one right now, you can't call a recession until you are deep into the middle of it, and often they are not officially called until they are over!
Mild to moderate recession eh?
On March 18th of 2008, about a month from the end of a bear market rally that Mr. Bove called a "generational buying opportunity", BAC closed at $38.93.
Yesterday it closed at $7.48, for a loss of eighty percent from the date of his "generational buying opportunity" call, and he now has a $14 one year price target on the stock, a one-year forward target of less than half of where it was when he issued his "generational buying opportunity" call!
If that sort of performance is a "generational buying opportunity", I (and those who listened to this guy) would like to know what constitutes a reason to sell.
By the way, that's not an "outlier." Wells Fargo has lost half its value, Wachovia no longer exists, Washington Mutual no longer exists, Lehman no longer exists, Citibank went from $20.71 on 3/18/08 to $2.72 last night (a near-90% loss!) and more |
