Selling Reitmans After The Pop

Almost 1.5 years ago, I wrote about Canadian retailer Reitmans (RET.A) as a potential value opportunity. Since then, sales have fallen, the Canadian retail outlook has degenerated, and the company's shares are up some 20%. As a result, my estimate of the company's intrinsic value has fallen, whereas the company's share price has risen, so I have sold my shares.Read more...