On par with Dick Bove’s call on Morgan Stanley, when Bove said he’d buy it aggressively so he could buy a house in Spain, Jim Cramer said Morgan Stanley should be bought on the back of the Facebook IPO, saying it was “dirt cheap”.
That was on February 2nd, when Morgan Stanley (MS) was trading around $19.66 a share, it’s now trading for around $13.46 a share. I guess it’s even cheaper these days. And we all know how good that Facebook IPO was for everyone. Here’s the call, notice the skepticism on the faces of his CNBC colleagues, Melissa Lee, David Faber and Carl Quintanilla – Faber even voices those concerns:
Hat tip to Zero Hedge for pointing me to the video.