"at least humor us with your losers"
Movie gallery/video rental lost around 50%. was trading at 5 times earnings. big value trap. obviously i knew about the secular headwinds facing the business...netflix, movie download, dvd kiosk, etc....Took a contrarian position thinking that video rental business would stay albeit in a smaller number.....o they had gotten into mountain of debt when they had acquired hollywood gallery...
i believe they filed chapter 11 twice(?) or at least defaulted on loans twice in the span of 3-4 years ?
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I walked away from general growth back in april 2009, when i completely understood the reward 8-10 times the investment in a short time. the main reason i walked away was i felt several legal precedents had to be overcome for Ackman's public thesis to be true....i have highlighted it before...
but i still made some money in the investment later, when this risk was sorted out
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