Exco is trading down 26 cents at $7.28. Mr. Rosss was able to get some of his stock in the $17-20 range.
On July 2, 2008 we posted "Wilbur Ross: Run-Up in Oil Prices Is a Bubble".
Acting on his belief, he made the most leveraged bet on lower oil that he could think of, he bought a ratty, low cost Indian airline, Spicejet. India's Economic Times carried the story on July 13.
On July 11 oil had traded at its all-time record high price, $147.27.
On December 21, 2008 oil traded at $33.87.
We have a lot of posts on Mr. Ross, he's worth paying attention to.
Wilbur Ross has gone on a considerable buying spree of natural gas company EXCO Resources Inc. (XCO) shares. In June alone, he made seven purchases, pouring a total of $45.7 million into the company. Year to date the stock has sunk 28%, but it has increased an average of 9.5% since he made his slew of June purchases. Ross joined EXCO’s board of directors in March 2012....MOREPreviously:
Dec. 29, 2011
Climateer Investing: NatGas: Wilbur Ross is Buying.....(XCO)
Mar. 5, 2012
Natural Gas: Exco Resources Names Wilbur Ross to Its Board (XCO)
June 19, 2012
Wilbur Ross on Natural Gas, the Coming US Recession, Dodd-Frank...