Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

I Am Out Of Bassett ($BSET) - For A Very Good Reason

|Includes: Bassett Furniture Industries, Incorporated (BSET)

Exited Bassett stock, BSET, last friday. Held it for less than 3 months and ended up with a little over 26% profit in this period. Not bad for a short term holding.

I purchased this stock in January for its large cash position that the management has been itching to return to the shareholders. They have been doing a fair amount of buy backs as well as paying out dividends. The stock has done well and the shareholders are obviously happy.

Normally I would have stuck around in the stock as I do believe that the stock is still a good value today. However, extenuating circumstances (another stock became an incredible value - almost 40% below NCAV - so I had to bulk up on this stock. These kind of cheap stock picks are rare to find) dictated that I take some profits and redeploy capital elsewhere.

If you are holding the stock, you may want to stay in it for some time. Somewhat coincidentally, this is the 2nd furniture company stock I sold last week with great gains. Seems like a pattern here!

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

Additional disclosure: I have no positions now but this is a prior holding