Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Bruce Berkowitz Is Extremely Bullish About Bank of America $BAC

Fairholme Capital’s Bruce Berkowitz spoke with Bloomberg Television today. He is extremely bullish about Bank of America (BAC) and thinks that it will outperform JP Morgan (JPM). Here is what he said:

FAIRHOLME (FAIRX) Bruce Berkowitz

“The investment process is about comparing what you give versus what you get.  So it’s the intrinsic value of an organization versus the stock market price.  I think Bank of America right now is the kicking boy for the whole real estate, residential mess. I think Brian Moynihan is doing a good job and will continue to do a good job.  I think they are head of the curve in reducing late fees.  They have some very great properties in terms of Merrill Lynch and BNA.  They are being killed for being patriotic, taking over Countrywide.  One day it will serve a good purpose of making loans.  It’s there.  They have a balance sheet.  They are selling below tangible book value.  They have 30,000 extra people working the residential mortgage issue to get it over as quickly as possible.  They are making all the right moves.  The price of Bank of America reflects an extreme pessimism that JPMorgan’s price does not have.  When you compare what you have to pay to what you get, I’m with Bank of America.”

Berkowitz had more than $1.2 Billion invested in BAC at the end of March. Here are the top funds with the largest bets on BAC:

1.) Paulson & Co $1,648,047

2.) Fairholme (Fairx) $1,235,007

3.) Eton Park Capital $281,370

4.) Paulson & Co $230,100 (W Exp 01/16/19)

5.) Appaloosa Management Lp $229,487

6.) Edinburgh Partners $220,216

7.) Legg Mason Capital Management $200,945

8.) Adage Capital Management $192,428

9.) Brookside Capital $157,347

10.) King Street Capital $133,400

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!