The only mystery in life is why the kamikaze pilots wore helmets.
As a shareholder in BAC, I thought the purchase of Countrywide made sense, but did not agree with the purchase of Merrill Lynch. When I posted that on this forum I can remember one of the lackey's from the BAC offices telling me to sell my stock. I guess maybe they should listen to their stockholders. But I have faith in Ken Lewis & his ambition, remember they were going to back out of the Merrill deal but the feds convinced them with a lot of dollars to go forward. As of today, Thain will get to enjoy his parachute with little accomplishment.
I'm still increasing my position in BAC. That's the kind of faith I have - but I've been wrong before. As you know a tough market is harder to navigate than trying to find a competitive FT dog, but there are rewards & consequences.
It is certain that the number of those who reason well in difficult matters is much smaller then the number of those who reason badly ........ reasoning is like running & unlike carrying, hence one Arab steed will outrun a hundred jackasses.
Everyone's friend is No One's friend
This opinion is worth what you've paid for it.
Faith has no place in investing or trading. Losses are very hard to make up, money management trumps selection and if any or all the BKX stuff is treated the way it should the equity and debt holders will end up with 0.
A simple example of my statement: what do you have to earn on your account when it has gone from $1000 to $500? Have enough time to compound back to $1000.
Disclosure: I'm not an investment advisor just an individual trader, trading my own accounts.