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2013, The Rough Draft

|Includes:Gramercy Property Trust, Inc. (GPT)

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Here are our ideas, early results, and remaining catalysts for 2013.

Best Long Ideas for 2013

GKK: +26.19% / GKK-A +4.18% (we own >5%); dividends ahead

Best Short Idea for 2013

TMF: -12.99%; artificially manipulated bonds could mean revert

Other Long Ideas

ALJJ: +12.86%; tender offer could close

AXLL (nee GGC): +37.91%; merger was successfully consummated

BRK.A: +9.72%; discount to intrinsic value could tighten

BRK.B: +9.25%; discount to intrinsic value could tighten

DTD: +5.91%; dividend paying equities could beat bonds

FNSAX +6.61% methodology could allow FNSAX to beat the SPY

GCVRZ: +11.76%; could receive a >50% distribution

GRR: -1.00%; could be subject to additional buybacks

IFN: +5.88%; could be subject to additional buybacks

LORL: +8.27%; could be liquidated at a premium

NXY: -0.97%; this deal could close

OBAF: +3.75%; could be acquired

OSHC: +4.39% (we own >5-%); could be acquired

RSP: +7.48%; methodology could allow RSP to beat the SPY

SSE: +85.35% (we own >5%); acquisition could be consummated

UBAA: +15.97%; discount to NAV could tighten

DGTC: +1.76%; odd lot tender could close

Other Short Ideas

FXY: -6.61%; this is a generational idea that could begin to work

TVIX: -47.54%; this is could be worth $0 based on security flaws

VXX: -27.41%; this could be worth $0 based on security flaws

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: Chris DeMuth Jr is a portfolio manager at Rangeley Capital, a partnership that invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our partners, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.

Stocks: GPT