The so-called 400% Man, a nickname that refers to his astounding returns since the turn of the century, is the manager of the private wealth fund Arlington Value in Salt Lake City, Utah.
In his most recent annual report to Arlington’s investors, Mecham reveals he made big profits for investors last year on a bold move into the bank everybody loves to hate: Bank of America stock, which slumped as low as $5, has since rocketed to $12.
Mecham tells investors that his interest in the stock was piqued by the actions of chief executive Brian Moynihan, who behind the headlines is busy undoing a lot of the damage caused by the previous management’s undisciplined over-expansion.
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