that Sprint has become a favorite with the hedge fund community for the ostensible reason that it appears cheap on a multiple of CF/EV. If Sprint has another disappointing qtr, they are going to run for the hills...beware
<<I thought he bought Nextel and S bought Nextel. He didn't buy S>>
Read my posting again; where exactly does it say he bought S?? Thats right, nowhere....
Apology accepted when you have the time....
As for getting out of a position, he could have done that in the months leading up to the sale to S...prices were good. But he didnt, he still believes in Sprint Nextel.
So, it appears, does Lehman, and even ML reiterated Buy today. Miller isnt alone.
Another factor may be timeframe for ROI. Clearly right now Sprint is not positioned to be a short term play, you just aren't going to have a quick hit in the position, however if Mr. Miller is more long term in his vision (I am not that familiar with him so I wouldn't speculate-just a personal guess) Sprint makes sense.
I totally have all the respect in the world for Miller....Amazing investor...BUT dont forget two things...first he can stick around forever....and his first purchase of CTX was in the high 60's and it is now in the mid 40's! BTW...I think in time he will be right but the pain can REALLY hurt....and he has an amazing capacity to withstand pain....thats why he's great
Bill Miller is probably the most successful fund manager of the last 16 years, beating the S&P 500 every year.
He has 54,000,000 shares of S, his largest holding.
That's good enough data for me....like Buffet, the man is no fool. We will get through this. "Large" buyback (see my Lehman posting) estimated at $10B and for Q3 this year.
I have a bloomberg...and you have to realize that the market cap here is VERY Big thats why you dont see the hedgies but i do. They are not as big as Fidelity but they are big enough to do some real damage
Well I looked at the large holder section on Yahoo, and I don't see any hedge funds in the top 10 institutional holders. The largest is the Fidelity fund group who, if they decide to buy, can hold their own with any hedge fund. I think the honest answer is that none of us posting on this message board have a clue as to what the big players are doing currently.
true, but you can see the overall size of their position and where they were inclind to add to it by the end of last quarter. Some of these hedge funds are VERY large and carry huge positions. They cant all get out in such a short period of time
If it's such a favorite of the Hedge Funds who seem to have all the money in the world, why has S done a nose plant over the last couple of months from $26 to $19. While it may be a favorite, I don't think any of them want it in their portfolio as of 6/30/06. This may explain the massive distribution the last couple of months and give hope that after the "window dressing" is over, S may start to climb back to where it should be. Just a thought.
First are you kidding?! This thing is LOUSY with hedgies!!! Glenview, Perry Corp, Marathon, Citadel, Tudor, Sirios, Farallon, Jana, Mason Street, Highfields, Paulson, etc, etc....and to my point, many of them are underwater....this quarter is going to be the last straw after the last qtr. Just be aware of who you are invested along side of