Kirk Kerkorian (described as "the billionaire investor" so often that you'd think it was part of his name) has decided to spend another $463 million on GM stock, which will raise his stake to nearly 10%. As one fund manager states, "You're not buying this because you think management has a good handle on what they're doing." If we look just at the near-term indicators - sales are down, management refuses to provide profit guidance, money is lost on each vehicle sold - it indeed is really difficult to think that anyone would toss a couple billion dollars at the company that's struggling and just sit back as a passive observer. Kerkorian has a history of being, shall we say, an active shareholder, so we're interested in seeing where all of this leads.

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