I love it when everyone jumps on the "doom and gloom" bandwagon. It seems nowadays that companies like GM and Ford do not have a friend in the world.
While the media types continue to warn of the dire consequences surrounding both companies, the smart money is buying.
A few days ago I told you that some very savvy mutual fund managers were buying, and yesterday we found that billionaire investor Kirk Kerkorian had bought back his shares after taking a tax loss in December.
This morning GM announced a Q4 loss of $4.78 billion, or 45 cents a share. This should come as no surprise given the current environment and high energy costs.
Kerkorian's investment arm, Tracinda Corp. increased its stake in GM back to 9.9%.
