I couldn't help but share this to follow up on the previous blog post. Apparently now banks are a buy? Hmmm...
Don't get me wrong, I share Cramer's new view -- in fact, I own both Bank of America (NYSE: BAC) and American Express (NYSE: AXP). I just find it astonishing that his opinion changed that drastically in so short of a time. I can only assume that's a philosophical difference in investing based on fundamentals and investing based on timing the market.
But hey, how can you not love Cramer?
-AvgJoe
Thursday, July 24, 2008
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3 comments:
Haven't heard Cramer's rationale, but could it also have something to do with the new naked short SEC rules?
Here's from the article, so not a direct quote from Cramer.
"1) JP Morgan Chase (JPM), Wells Fargo (WFC), US Bancorp (USB) and Bank of America (BAC) reported good earnings.
"2) Congress stepped in with meaningful legislation to combat the problems.
"3) Those financial fortresses got in position to takeover all the other failing U.S. banks, most likely without any concern about anti-trust regulation.
"4) The federal government is considering lifting antitrust rules, making it easier for larger banks to begin buying up the smaller, failing ones."
The short selling crack-down is mentioned in the article, but it doesn't sound like it was the emphasis behind the about-face.
-AvgJoe
Who is this Cramer?Is he your professional adviser?
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