Tuesday, October 13, 2009
John Paulson buys 10% of Conseco
Tomorrow, they get run over again.
Conseco is doing a raise of $200 million, and Paulson is taking down 16.4 million shares.
He'll own almost 10%.
And if I tout it tonight, do I get credit for the $4.99 closing price, ala in the style of Meredith Whitney, or the actual price (5.70) that it is trading in the after-hours on this news?
Isn't that ridiculous? So why didn't anyone call out Meredith on her Goldman gain? After all, didn't she tout the 34% Goldman gain, when it was actually no better than 27%?
It's the first sentence in the summary of her research below. If you bought Goldman the day she touted it, on July 13, at the opening price of 146.72, and sold it at today's open at 186.41 you booked 27%. But not according to her math!
But then again, she said housing prices were going down another 25%! Maybe you better not trust her math!
So if I tout Conseco, and if it hits 6.66 tomorrow, does that mean I can say that I advertised a 34% gain?
GS DG Meredith
Posted by Palmoni at 8:45 PM