Where Have All the Great Investors Gone? -- Page 2
2008 exposed weaknesses in analysis, not philosophy.
Some Still Trying Their Luck in Financials
Despite the banking sector's troubles in 2008, Bank of America (BAC) was purchased by three funds in the fourth quarter as its share price tumbled from nearly $40 to under $15. Early in 2009, Bank of America once again received government aid to help it digest the troubled assets it acquired with Merrill Lynch, and its share price fell to a low of $2.50.
We think that this bank's future is highly uncertain, and it remains to be seen whether the mutual funds that purchased it made a shrewd buy or repeated the earlier mistakes of their peers.
Jim Sinegal has a position in the following securities mentioned above: BRK.B, AIG. Find out about Morningstar’s editorial policies.