We recently wrote a piece on Bank of America (NYSE:BAC), with a buy recommendation. See, "Bank of America (NYSE:BAC) with a Compelling Entry Point for Long-Term Investors."
A few of you had commented on our less-than-stellar piece. Now this is an opportune time to voice your concerns and criticisms direct to Bruce Berkowitz’s Fairholme Capital Management LLC on a conference call. Toughest questions are highly encouraged.
But please don’t quote us/our article on this.
When: Aug. 10 2011
What: Berkowitz’s Fairholme Capital Management LLC will hold a 90-minute conference call with Bank of America President and CEO Brian Moynihan
Why: The event will help investors of Fairholme, which has 92.6 million Bank of America shares as of March 31, understand why the Charlotte, North Carolina-based lender is a core holding, Berkowitz said.
How: Moynihan will make opening remarks, then Berkowitz will ask him the “toughest questions” submitted by e-mail to [email protected]
Here is the piece by Bloomberg (pertinent points below copied verbatim):
BofA’s Moynihan to Answer "Skeptics" in Conference with Investor Berkowitz
Bank of America Corp. (NYSE:BAC) Chief Executive Officer Brian T. Moynihan, seeking to reverse a 28 percent stock slide this year, will subject himself to the “toughest questions” from fund manager Bruce Berkowitz’s investors.
Berkowitz’s Fairholme Capital Management LLC will hold a 90-minute conference call with Moynihan on Aug. 10, the Miami- based manager said yesterday in a statement. The event will help investors of Fairholme, with 92.6 million Bank of America shares as of March 31, understand why the Charlotte, North Carolina-based lender is a core holding, Berkowitz said.
Bank of America’s stock decline has helped to sink the returns of investors including Berkowitz, who was named U.S. domestic stock-fund manager of the decade last year by Morningstar Inc., and hedge-fund manager John Paulson. It’s more common for executives to speak at conferences with research analysts than a big shareholder, said Jonathan Hatcher, a Jefferies Group Inc. credit strategist specializing in banks.
Berkowitz previously hosted a conference call with the head of a company that he considered undervalued. In March 2009, he peppered then-Pfizer Inc. () CEO Jeffrey Kindler with questions about the prospects for the firm, his biggest holding at the time. The world’s largest drugmaker rose more than 30 percent that year after the event.
About the author:
Agnostic investor, trader, writer and perpetual student of the market.