For months Commonwealth Bank & its subsidiaries have had the chance to sell their holding in CNP. Perhaps now someone has "discovered" there could be a recession, heaven forbid! Whilst their selling will flood the market with stock & probably could cause the price to go lower, it amazes me their behaviour. Commonwealth have obviously purchased this stock at considerably higher prices, not sold down their position by very much, & now decide to dump their holdings at all time low prices. Even the worst money manager on HC would surely have a chance of becoming a "fund manager" if this is a typical example of funds under management. The word "clueless" springs to mind for some reason.
Key point is not whether there is a seller in the market but what is the real value of CNP. Remember price doesn't always equal value.
Regards
Buffett
PS I neither work for Commonwealth nor bank with them, apart from our Colonial CMT accounts & I certainly am not a fund manager with them!
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