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August 15, 2007
Subprime Ate My Homework
Nice factoid from Michelle at Footnoted. Number of financial filings in which the word "subprime" appeared during the June-August period last year and this:- 2006: 764
- 2007: 1,349
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This WSJ piece seems overdue. The lazy section of the 13d/activist crowd bottom fish, then attempt to force re leveraging, financing dividends, buybacks, takeovers etc. Their portfolios are packed with stocks that have missed quarters repeatedly, and are in no way value/contrarian plays. Unless value investing has been redefined as building a portfolio via the 52 week low list. There's more to it than that, no? If the leverage strategy is dead I'd expect these positions to be 10-15% over valued minimum.
I find it interesting that it didn't even double. I wouldn't have been surprised if it were up >200%.
Triac selling subprime beef?