GM Part 2

Today, Kirk Kerkorian's investment company, Tracinda Corp., made a move to buy up to 9% of all GM stock, pushing the stock to a price of 32.40$ up 4.63$ or 16.67%. Finally someone confirming my belief that buying GM at 28$ wasn't such a bad idea.

Although I could have and probably should have waited it out a little more, it dropped down to as low as 24.67$, but things like that can't be foreseen. My only regret is that I bought it the day after the price plunge. I should have listened to Benjamin Graham's advice in letting the market calm itself down before making a decision. That move could have been potential bad, if somehow GM declared for bankruptcy or something along those range. But with the investment of Tracinda, I'm confident that Mr. Kerkorian won't allow GM to file for bankruptcy, he has too much money at stake.