On a positive note today, we saw the shares of AIG rocket up 14%! As you have noted, we have recommended and are still bullish on AIG. The skinny:
~ AIG plans to repay the Federal Bank of New York
~ AIG is selling key assets, like their Asian life insurance, unit to drum up cash for repaying their loans
~ The market is reacting positively because it begins the process the US Treasury converting their shares to common stock
~ On the heels on GM, it LOOKS more feasible that the government may find receptive investors that want to snap up shares on a possible turnaround story
While there is still more room for this stock to run up, we have had a nice move here. I think with the developments highlighted above, this will DEFINITELY be a mainstay for my portfolio going forward with strategic buys going forward.
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SEBI approves Bank of India’s capital raising plan of Rs 3,000 Cr: 23 Nov 2017
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