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Billionaire's Portfolio:
Exit Office Depot, Symbol ODP

 

Dear Member,
 

As everyone knows we have a strict sell discipline for our Billionaire's Portfolio. When our billionaire investor starts to reduce or sell their position, we exit. 

With that, today we are going to exit Office Depot (symbol ODP). 
 
We followed the Billionaire activist hedge fund Starboard Value into this stock back in October of last year.  And it has worked out wonderfully.  We are not only up more than 110% on our stock position, but for those that took advantage of our bonus pick, we also made 90% on the Office Depot call options.


Starboard Value has done a great job creating value in what was thought to be a spiraling retailer just a year ago.  They stepped in with a very clear game plan and were relentless in their pursuit of creating change and value creation in the company.  This, again, shows the power of following powerful, influential shareholders into deep value stocks.  As I've said, Starboard is one of my favorites. And they've proven a worthy shareholder-ally again.  

So today, given that 
Starboard has now cut their Office Depot position by more than half, we will exit.  This is exciting news because it opens up some capacity in the portfolio for a new addition.    

Here are the details on today's move ...
 

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Exit Recommendation

 

Sell all of your shares in Office Depot at market, symbol ODP.

 

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That's it for now.  I eager to add a new pick for the portfolio, and I think we'll see some more turnover in the portfolio coming as well.  So please keep a close eye on your email as usual.

 
Respectfully,


William Meade and Bryan Rich
 

 

PS:  For new subscribers … All of our open picks in the portfolio are a buy.  If you’ve just entered the service, I recommend adding them.  You can find all of the details in the members area of our website.  

 

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