Pfizer Inc (NYSE:PFE) is one of the Top 10 Stocks Wall Street is Buzzing About These Days.
Josh Brown, CEO of Ritholtz Wealth Management, explained in a recent program on CNBC why he’s bearish on Pfizer. Brown said he was “dead wrong” in hoping to see a turnaround at the pharma giant.
“Do you know how hard it is to find a stock as bad as Pfizer Inc like in the last couple of years? I managed the impossible. I haven’t really lost a lot of money here. I think my initial purchase was like 28. But it’s a loss nonetheless. But the way I think about these types of things, it’s a loss relative to the overall market having gone up so much, which makes it even worse. And I stuck to my guns on this for no reason. I’m not really a value investor. I just felt the stock was so hated and down so much that it was a relatively low-risk entry and at some point they’d find a way to turn it around. I was right about the low-risk entry part, but I was dead wrong. There is no turnaround. Maybe it’ll happen starting today now that I’m no longer in the stock.”
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This article is originally published at Insider Monkey.
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