The Worst Trade Of All Time!
Billionaire (um I mean millionaire) Joseph Lewis disclosed that he paid $1,260,913,899 for his 12,136,724 share stake in Bear Stearns (NYSE: BSC). If the currently proposed deal goes through, this investment is now worth only $28,157,200 - a dramatic loss of $1,232,756,699.This will go down as one of the worst trades of all time.
In the filing, Lewis noted that he may take actions to protect his investment following this weekend's sale to JPMorgan (NYSE: JPM).
Labels: Bear Stearns, BSC, Joseph Lewis
posted by Lon at 4:54 PM
2 Comments:
Don't forget that Bear spent close to $400 million repurchasing its own stock in Q4 2007 - an average price of $108/share.
On March 18th I recommended purchasing shares in American Home Mortgage (AHM). The trade was an overreaction to the subprime mess caused by New Century (NEWC), Novastar (NFI), and Accredited Home Lenders (LEND). On Wednesday the 21st I suggested taking profits in case AHM did have some bad news coming. Today American Home Mortgage (AHM) received two downgrades, cut their full year profit outlook, and subsequently cut their dividend. The trade was over when the quick 7%.....
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