1. Bunge (BG)
|Purchase Date||May 29, 2012|
|Sale Date||Jul 31, 2014|
The main reason for the sale was to make way for new investments. The secondary reason was the realization that since Alberto Vissar stepped down as the CEO, the company had trouble executing properly. This seems to be settling nicely, but we have had some good gains and it is time to find better valued opportunities.
2. Texas Pacific Land Trust (TPL)
|Purchase Date||Aug 1, 2012|
|Sale Date||Aug 29, 2014|
The market is suddenly waking up to this stock and hardly a day goes by without a stellar write up about the company and what is now being termed as a “perfect stock”. We dug deep into the history of the trust and uncovered a few things that tells us that the current price is too rich. The information is very public but one has to go looking for it. We will not go into much details here (members know the selling thesis). At a good enough price, we may consider coming back to the stock in the future.