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Strategies & Market Trends : Fundamental Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (3624)	4/16/2014 10:45:37 AM
From: The Ox	Read Replies (2) \| Respond to of 4719

SI top 10 - portfolio challenge

To: The Ox who wrote (3624)	4/20/2014 12:50:19 PM
From: Spekulatius	1 Recommendation Recommended By Jurgis Bekepuris Respond to of 4719

Just for the sake of disclosure, I did sell MUSA. After reading their 10k, I am not convinced that the spinoff dynamics can overcome the mediocre business dynamics. Also, a lot of the earning beat was due to RIN sales windfall, which is unlikely to repeat itself. The core retail business did not look that great. I made a small profit during the short time I owned it, so I did OK. CHMT sold their AG business for 1B$ or 10x EBITDA and the stock is down. Maybe the market suspected a better price? I note that CHMT was trading at 10x EV/EBITDA before, so selling their best performing business for the same price than the remaining lesser business are trading at, is not going to help them much. Might be interesting to watch the buyer - PAH, which is run by supposedly pretty smart folks (there is a thread in CornerofberkshireandFairfax about the stock).