He’s not a hedge fund manager, although he plays one on Twitter
I don’t like giving free publicity to someone who’s probably got more than he deserves, but in this case I’ll make an exception.
I got an e-mail Saturday night from BAM Investor’s J.G. Savoldi. He’s the guy who got some attention last week announcing on Twitter that Apple (AAPL), which was trading above $270 a share at the time, was about to plummet to $45 — perhaps as early as this fall.
To make sure nobody missed that eye-catching call, the tweet was followed up by a press release and, after that was roundly booed by Apple partisans, a blog post entitled BAM’s 45 Dollar Target Stirs Angry Apple Mob.
We mentioned Savoldi briefly yesterday in a post that reminded readers that it’s not a good idea to take investment advice from hedge fund managers who tweet their predictions. That prompted an e-mail from Savoldi that begins:
OK. Savoldi is not a hedge fund manager, although I had to go back to my source material to see where I got that impression.
Perhaps it was the press release that used the words hedge and hedge fund eight times. Or Savoldi’s website, that offers his predictive services to institutions, hedge funds and professional traders. Or his blog post, which talked about providing retail investors with information normally viewed only by his hedge fund clients.
As for the charge of publicity-seeking, I’ll let the reader decide whose interests Savoldi had at heart with that tweet, the mom-and-pop investors’ or his own.
Even Silicon Alley Investor‘s Henry Blodget, who urged his readers to at least “give this fellow’s logic a moment’s consideration” concludes:
In any event, Savoldi is sticking with his story. In that e-mail he calls Apple a “bubble stock” and writes:
With Savoldi’s permission, I’ve pasted his message below:
[Follow Philip Elmer-DeWitt on Twitter @philiped]