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Week Ending January 23rd, 2015

|Includes: BH-OLD, Equity Commonwealth (EQC), LE, NROM, SHLD

Exit EQC - I first got involved in EQC because of Corvex and their push to change management. Corvex argued that management fees were high and excessive and management incentives were poor. Once new management was in place, they made the case that management fees could be decreased substantially. Corvex won and installed new management. Because the assets are spread out (examples such as 1 property in Hawaii, 1 property in Australia), management fees are nearly the same as before. New management will focus the assets and eventually lower fees, but I am not willing to wait for 2-3 years in a name that I do not have strong conviction.

Exit BH - While I think BH stock is cheap, I have lost confidence in the CEO who bought large positions in 2 stocks aggressively and at a disregard for price (speculation). You can see this post here for more detailed analysis

Exit LE and SHLD - SHLD has real estate value and if it could be sold today, would receive a higher price than the current stock price. However, selling real estate (and/or redeveloping) takes time and I am not sure if it takes 3 years, 5 years, or 10 years. With SHLD retail operations losing money, SHLD shareholders may not come out ahead.

Exit NROM - this has probably been my best trade in a few years (on a percentage basis) as I made a triple on it. I think the risk/reward is no longer compelling. I've also noticed that DPZ and YUM (pizza hut) are starting to compete more on price and making money through volume. Along with Little Ceasar's, I think the price difference between NROM and the above is not much.

I added to a few existing positions, but no new positions this week as I continue to focus on my best ideas.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.