Shares of Bank of America are up 25% today, which is only about a buck and quarter from where BAC was trading yesterday. The rally seems to have come on the news that Bank of America chief executive Ken Lewis bought 200,000 shares of his company’s stock. Several other directors also bought the stock.
Well, at least we know that Lewis believes his shares are underpriced. Or, at least, he wants the market to believe he believes that. So the question is: do you think Lewis is smarter than outside investors who have pushed the stock down to decades old lows?