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Rangeley Capital Best Investment Idea Outcomes

|Includes:Celgene Corporation (CELG)

Best outcomes, as opposed to the previously discussed best (prospective, falsifiable, actionable) ideas, are far less important. For what it is worth, our best investment idea outcomes have included CELGZ, SSE, and LORL. Happily, we avoided the original sell off and bought a significant amount of CELGZ with a cost basis well under $2.00. The CVR subsequently doubled, doubled again, and paid out a distribution with a value in excess of our cost basis. This is worth mentioning because it highlights how little information could be gleaned from the price until it was too late to fully exploit. The price had imploded from around $5 to well under $2... incorrect in both magnitude and even incorrect in direction. Such pricing failures occur infrequently in large, liquid, heavily followed securities. However, they occur all the time among small, illiquid, lightly followed opportunities such as CELGZ and other merger securities.

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Stocks: CELG