Thursday, December 14, 2006

Bob Olstein Comments on New Fund

On CNBC today, Bob Olstein of Olstein Capital Management discussed his new activist slanted fund, the Strategic Opportunity Fund. He said he plans to close the 'valuation gap' in companies he targets and get active if mangers don’t act.

Commenting on Citigroup (NYSE: C), Olstein said the company needs a new CEO. He also thinks the stock is worth $60 per share and advocates busting-up the company.

Olstein also said his fund bought Gap (NYSE: GPS) in last month or two. Olstein wants the company to downsize. He said if the company doesn’t act they will send a letter requesting action. Olstein also wants a buyback at Gap. Link to CNBC Video

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