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One of the country’s largest banks by assets and branches, Bank of America also provides credit cards, asset management, and other money-related services.
In 2009 when BAC hit 5 because 'the big banks were going under' and the fed was going to 'nationalize' them I said buy buy buy, when it hit 3 and everyone got really scared I said BUY MORE! Margin Everything to the maximum, take out a HELOC to buy BAC. Now here is your 2nd chance, book value is $20 per share. Cash is over $60 per share.. and they plan to initiate a new fee and 'banking woes' drive it down to $5.50??? BUY BUY BUY in real life you fool! This is a giant opportunity and if it goes lower, just buy more!
I only got 1500 BAC shares...If only BAC will lend me a $1 million, I will then use it to buy more BAC shares...like 150,000 more shares of BAC.....then when BAC multiply its price by 10, pay back BAC's loan and enjoy the profits..Hell maybe open up my own little BAC branch somewhere in the middle of nowhere in the midest.
Im a BAC customer and I think the new fee stinks! I even have a Credit card with them. I am thinking of paying them off altogether and closing my account!
Bank of Americal is going no where and your right trends are showing, and If Im right Bank Of America is going to keep going up, they have been some what weakened but are far from being a lost cause.
If "Cash is over $60 a share" how come Moynihan was desperate to let Uncle Warren unbuckle his pants and do whatever he pleased ?
The per share cash number is not the best indicator since it's offset by almost the same amount of debt. I agree with the sentiment that Bank of America (well, all of the major financial institutions) is a good deal right now.
Anywhere around $5.20 a share is a screaming buy, the company isn't going bankrupt, and has only one place to go, up. New banking fees are going to start coming up from all over the place as the large financial institutions look to replace profits from Dodd - Frank. This PR fiasco will simply be forgotten.
That is a good one!!
I'm with you! Bought more today.
Banks fees have been the norm in Canada for a long time... If every bank does it (within reason) then everybody will adjust. I don't understand why BAC is so cheap. I have to buy it.
I've heard that if BAC dips below 5 and stay there for 30 days hedgefund will all be force to sell as they can't hold any stock under 5 then we may see a massive dump in BAC price. Could someone elaborate on this?
BAC, along with some other finance stocks I think are grossly undervalued right now. While some banks have more then their shares of troubles, the potential gain when things really rebound is well worth the investment to me. For instance, Citigroup not all that long ago was trading $300, and now it's just over $27/share. While it may never reach those highs again, it's not out of the realm within the next couple years to hit that $60-70/share mark or higher. Obviously with their exposure to European issues, they have some interesting times ahead. So, I certainly expect some more fluctuations, but companies like BAC, Citigroup, JPMorgan...I expect some nice returns from them in the coming years. People can feel free to shy away all that want. But, all I see right now is opportunity.
Well its 2012 nearly 2013 and your comments are proving correct the share price has nearly doubled since you posted those comments - I wonder if all those negative people are wishing they had listened
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