Here's an interesting bit of news. One of the Market's biggeest gainers was a company called Alexander & Baldwin (ALEX). The stock was up 19% on news that the world's most famous activist investor, Bill Ackman, has established a nearly 10% stake in the company.
So here's the funny part (I can laugh about it because it's not real money). I have been bumping my head up against the 200 pick limit in CAPS lately, so I went though late yesterday trying to find a few positions to close so that I could add some new ones. Guess what one of those positions that I closed yesterday afternoon was...wait for it...ALEX @#$%^&*(% :).
I was in the green on it by 15% and I figured, I really didn't research this one very much and I'm not aware of any catalysts that will unlock value here anytime soon so I'll just close out of this one and bank the accuracy point.
Oops. Missed out on that 19% today. Oh well.
Have a great weekend everyone.
Ackman’s Pershing Square Purchases 9.9% of Honolulu's Alexander & Baldwin