What a week for Research in Motion, on last Wedensday the company announced that it was changing its stock ticker to BBRY and the name of the company to Blackberry. On top of this the company has basically seen every analyst on Wall Street make a comment on their stock.
Bottom line, as our subscriber know we purchased RIMM/Blackberry when no one was talking about it, Wall Street had left it for dead back in late 2012. Our intial recommendation price on RIMM/Blackberry was $7.75, meaning that many of our subscribers have a triple digit return on this stock. We recommended this stock because of a Billionaire Investor, names Prem Watsa, “the Canadian Warren Buffett”, who had purchased a huge chunk of this stock at much higher prices.
Now that RIMM/Blackberry is the talk of Wall Street, the stock has been incredibly volatile because everyday a new analyst comes out with a new price target or a new recommendation. Bottom line this means nothing, remember the most important thing is that our Billionaire Prem Watsa still owns this stock and is still holding his huge position, all of the volatility surrounding the stock in the short term is just noise and should be ignored.
Editor of The Billionaires Portfolio