Singapore's sovereign wealth fund, dumped all of it's Bank of America shares, losing $4.6 billion. When they invested the money in Merrill Lynch in December of 2007, they said it was for a long term investment.
Their reason for selling at $7:
"..little potential in Bank of America shares. If one sees the results of the stress tests in the U.S. and analysts' reports on Bank of America, the picture is not bright."
If they are making investment decisions based on analyst reports and stress tests, then they deserve to lose their money.