Despite our last warning that no new posts would appear for at least a week, we feel it worth breaking our vow of silence to pass on what certainly must be the Least Helpful Call you will hear this week.
Friedman Billings, it seems, is throwing in the towel and downgrading insurance has-been AIG (last trade, $29), cutting their price target from $53 to $38.
We are not making that up.
AIG, of course, has an important connection to Berkshire Hathaway: four former executives of Berkshire subsidiary General Re were convicted earlier this year of a host of charges relating to an insurance deal with AIG that had nothing to do with insurance and everything to do with helping AIG gussy itself up for Wall Street’s Finest.
Looks like the gussying hasn’t worked.
Jeff Matthews
I Am Not Making This Up
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The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews’ recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author.
One reply on “Least Helpful Call of the Week”
Jeff, You missed the KBW analyst who downgraded FRE to market perform from outperform and cut his price target to $8 from $45. I think that’s even less helpful than the AIG downgrade.