Fifteen of the 20 largest GM shareholders, including Brandes Investment Partners LP and Southeastern Asset Management Inc., purchased a combined 64 million GM shares last week. Following on the heels of billionaire Kirk Kerkorian's bid to hold 8.8% of GM, analysts predict that the GM shareholders have gone bargain hunting. In contrast, when I go bargain hunting, I pick over the 80% off bin at Factory Reject Clothing Outlet. But not all investors show signs of improvement in GM, more than 99 of GM's smallest institutional investors have cashed out some of their holdings, citing continuing unresolved problems.

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