RE:RE:What have I missedMichelle Wearing's sentiment are the same reasons I am staying long.
As for the drop, yes it is disconcerting but are we really surprised the shorts would not return at some point this year? The company is highly levered and is on short seller's radar screens. I happen to think the decline in treasury yields is good for the stock, despite recession concerns.
Nonetheless, this stock price dump gives management another opportunity to overperform and use its cash flow to buy more stock back. So lets hope CEO Kingston is jumping out of bed every morning at 5am to get this stock to Cdn$40.
As I have said in my original posts, the ultimate risk for all of us is BAM will privatize this thing at prices well below NAV.
Bruce Flatt's stamp is all over BAM's real estate arm and he earned his reputation as the CEO of Brookfield Properties (BPY predecessor) way back in the mid-1990's. And he has been outspoken about BPY's discount to NAV.
Staying long and nibbling.