Registered: Feb 2007
09-16-12 07:18 AM
Back in April of this year my friend and I were discussing his huge position in BAC as it was bumping up against 10. I told him that the charters of some mutual funds prohibited them from buying stocks under $10 a share and that if BAC could break throught 10, it would probably have a rip roaring rally as more and more funds piled on. Alas, it never did, and he passed away back in July, and his daughter inherited the stock.
I would guess that his estate is still in probate, and she hasn't sold it yet, and I can see it bumping up against 10 again. I wish my old friend was still here to see it, he really liked his BAC stock. Even though he was more of a value investor, he would still dump a loser fast, but he held on to that goddamb BAC. He'd be sitting on his couch, watching the ticker scroll across the bottom of the TV screen on CNBC, writing down the price of BAC every time he saw it. He wrote it on scraps of paper, when I cleaned out his apartment after he passed, there was all of these envelopes, mailing slicks, etc. with his stock prices and times written down, a manually written T&S report. He never owned a computer or saw the internet in his life.