Crispin Odey Remains Bearish On Equities, Which Says A Lot About These 5 Stocks He Likes

Odey Asset Management initiated a stake in Wells Fargo & Co (NYSE:WFC) during the second quarter by purchasing almost 3.28 million shares valued at $184.37 million as of June 30. Although the stock of Wells Fargo & Co (NYSE:WFC) has also receded quite a bit during the third quarter, the magnitude of that decline isn’t as large as what shares of Goldman Sachs experienced during the same period. Analysts on the Street have praised the company’s recent move to acquire the GE Railcar Services from GE Capital, which was announced on September 30. Just like Goldman, Berkshire Hathaway was also the largest shareholder of Wells Fargo & Co (NYSE:WFC) at the end of the second quarter among the hedge funds covered by us, owning 470.3 million shares.

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Moving on, after reducing its stake in D.R. Horton, Inc. (NYSE:DHI) by 67% during the first quarter, Odey Asset Management again reduced its stake in the company during the second quarter, by 17% to 4.38 million shares, which were worth around $120 million at the end of June. During August, when most stocks saw significant declines, shares of D.R. Horton, Inc.(NYSE:DHI) bucked the trend and currently trade with a year-to-date gain of over 22%. Deutsche Bank analyst Nishu Sood, who downgraded the stock on September 21 to a ‘Hold’ from ‘Buy’ while keeping his price target on it constant at $32, commented in his note to clients that large-cap builders like D.R. Horton have appreciated quite a bit and “need time to grow into their valuations.” Will Snellings‘ Marianas Fund Management initiated a stake in the company during the second quarter by buying over 1.17 million shares.

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