Hudson's Bay Co. T.HBC

RE:RE:RE:RE:RE:BNN interview - November 16th

[seatleslim]

Three of Ontario Teachers top 5 holdings are Macerich, Sprint and HBC. 

MAC alone is a 1.5 billion position out a total portfolio assets of 8 billion.  The position was accumulated between late 2014 and mid 2015. They are likely down 25% on that position alone. 

Those three positions account for 25% of the portfolio. Never met any of them so I have no basis to say they aren’t smart. i can say that they do not appear to be good investors. 

To to assume that they are “sophisticated” is foolish in my opinion. I assume that I and many others on this board own more stock than any employee of Ontario Teachers other than anything that might have been given to them. 

I also believe it is reasonable to make a judgements about their investing prowess based on their participation in the preferred offering. My judgement is that they don’t know what they’re doing. I assume Bakers and wework know exactly what they are doing. 

I also believe Land & Investments and David Abrams are highly “sophisticated” investors who own HBC for no other reason than to make money from a higher stock price over a reasonable amount of time and have reasonable ideas about the business risks that should or should not be incurred in the execution of a business strategy. 

I dont beleive the same can can be said for the individuals making decisions on behalf of Ontario Teachers, but that is only an opinion. 

The Bakers are real estate people. An asset like the Saks hdq is what they have their eyes on.  HBC and it’s shareholders are their means to obtain it.