Wednesday, November 5, 2014
Magna apparently surprised the amateur hedge-fund clowns
Magna, US chart:
All the hedgie morons who dumped Magna down 25% were surprised today.
Apparently, or so I've heard, the story has just hit the press today that Frank Stronach has not magically forgotten how to make a bloody fortune manufacturing car parts.
You wouldn't expect him to have forgotten how either, since this is a guy who went from being a penniless immigrant to a Canadian billionaire.
But apparently the US thought he's gone stupid or something, so they puked Magna down 25% in the space of a month.
A look at the longer-term chart shows that stupid Americans tend to puke Magna whenever the big three/two/one go down, which is silly because Magna can build parts for anyone they want to.
I own some as of a few days ago, and am feeling happy about it.