While $14.25 is a stinker bid....
... I guess that's what this management deserves. The stock was trading at $18 just in July, roughly when the markets TSX/S&P etc, were at today's levels.
How can it trade at $11, and barely $14+ offer be a "fair" price in any sane management's opinion is beyond my comprehension. Asset manager's performance in theory should be the most alligned with that of the markets. How can it trade at $18 when markets are at these levels, without any "premium" bouyout offer just ~6 months ago?
The management definiely bungled big time. Their evasive attitudes on the earnings calls over last few years was also appalling. When markets were going up, they along the their Rosenberg's touted premise that all is "bubble", and that they are positioned for "volatility and downside" came right in their faces when the markets plunged in Q4, but instead of GS long expected pickups and "protection" from these events, their assets and performance nosedived. And no less than any other asset managers.
As noted, this has been a "bad relationship" for my investment $$, and I'm glad to get out of it roughly flat, thanks mostly due to purchases made when the markets dipped and I bought "cheap".
But how long-term investors feel, buying GS just 5 years ago for more than double, even well over $30 for this stock, is not hard to imagine. Hell, even at the end 2009 this turd was over $20. Disgusting.
Markets have trippled since then, and this turd including dividends after inflation has managed to lose you $$ most likely.
Good going Rosenberg and your overpaid buddies at GS. I hope you all get fired by whoever ends taking GS over. But you'll all do just fine, pocketing your $ millions every year for far too long... while investors sucking their thumbs will try to learn to put their $$ in places where no matter how eloquently span hubris will provide decent, at least some, return. Especially during 10 year bull run in the markets.