He's not a hedge fund manager, although he plays one on Twitter
I don't like giving free publicity to someone who's probably got more than he deserves, but in this case I'll make an exception.
I got an e-mail Saturday night from BAM Investor's J.G. Savoldi. He's the guy who got some attention last week announcing on Twitter that Apple (AAPL), which was trading above $270 a share at the time, was about to plummet to $45 -- perhaps as early as this fall.
To make sure nobody missed that eye-catching call, the tweet was followed up by a press release and, after that was roundly booed by Apple partisans, a blog post entitled BAM's 45 Dollar Target Stirs Angry Apple Mob.
We mentioned Savoldi briefly yesterday in a post that reminded readers that it's not a good idea to take investment advice from hedge fund managers who tweet their predictions. That prompted an e-mail from Savoldi that begins:
"I'm not a hedge fund manager although I did work at a large hedge fund in SF back in 2005 and you guys are way off base on this representation of our work. We're in the business of protecting portfolios from disasters not 'shameless publicity stunts' as you wrote in your article."
OK. Savoldi is not a hedge fund manager, although I had to go back to my source material to see where I got that impression.
When the stock sets new record highs, the naysayers come out of the woodwork
As a rule of thumb, never take investment advice from a hedge fund manager who posts his predictions on Twitter.
On Thursday morning, BAM Investor's J.G. Savoldi used the microblogging service (and a follow-up press release) to warn investors that Apple (AAPL) was about to crash and could hit $45 a share -- perhaps as early as this MOREPhilip Elmer-DeWitt - Jun 19, 2010 6:52 AM ET
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