Friday, May 2, 2008

Bookkeeping: Taking more Profits out of Gafisa (GFA)

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Gafisa (GFA), right near $50, has now increased 31.5% since my purchase Monday [Bookkeeping: Adding Gafisa]. I won't be a pig and I'm going to cut the rest of my position (@ $49.60) in half, taking Gafisa down to a 0.6% stake. Certainly it could run farther but I never expected this sort of short term move... I'll be buying on pullbacks but with such a strong move the pullback will need to be material.

I took some off the table in the $43s way back... Wednesday [Taking some Gafisa off the Table] at which time I wrote

I will let more go north of $45 if we get there.

Mission Accomplished. (also closing my personal stake)

Long Gafisa in fund; no personal position

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