Following the announcement of Lauralee Martin's departure as CEO, and absent a Board decision about her replacement, I invoked the "Bird in Hand" principle and decided to book a profit by selling my small stake in HCP today at $36.64. It was purchased at $32.08 on May 25. With the market at an all time high, it seemed prudent to raise some cash. Given the recent credit downgrade, the uncertainty about the proposed spinoff, the possibility of no CEO decision for several months, and a 14% gain in seven weeks, I decided to pull the plug. I agree with Brad Thomas that Lauralee Martin is a winner and I was prepared to hold HCP through the spinoff. I wish HCP and all shareholders the best. After things stabilize, if HCP can sustain the dividend streak and restore a BBB+ credit rating, I would welcome the opportunity to again be a shareholder.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.