Bad Run at the Bear

Originally Published In The News 8/1/07

We have good news, and bad news, today for stakeholders of Bear Stearns. The bad news concerns the mini-implosion at their third credit strategy in the alternative platform.  But the good news is that their other alternative strategies are not credit based, and should hold up better than Bear’s reputation. But buying the stock here brings up a number of key assumptions, like future lawsuits and credit issues at Mama Bear. Students of history might want to check the historical lows on a number of metrics, as we might be getting a little closer to trough valuations.  Bear’s top brass are avid, longtime bridge players, but it is doubtful they have ever been dealt so many bad hands in a row. no position

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