No. of Recommendations: 3
A curious take on BAC sell timing.
I do not give Buffett credit for good timing. To the contrary, if anything I affix blame.
Buffett’s selling every day with a $44 starting price was arguably CAUSAL in the decline.
Buffett’s initial selling (publicity of such)caused BAC stock to immediately decline—underperforming other large banks’ trading.
As Buffett sold each day, and each day’s sales were publicly reported…the stock kept dropping with each disclosure.
Finally, Buffett’s disclosure over the weekend of his biggest move out of stocks generally in his life—was a large factor among several others—in markets collapsing on Monday. Causing BAC to continue declining.
We’re not going to give Buffett credit for good timing here. If we’re gonna play that game— We’re gonna give him almost direct BLAME for crushing the term value of what remains a top holding, BAC.
