Each year August seems to bring reduced trading volumes for REITs and odd pricing behavior. I guess that must be the month investment professionals decide to go on vacation. The chaos afforded an opportunity for us to get into the stocks we have been wanting to get into and I feel quite pleased with where 2CHYP is positioned. This is why 2CHYP’s trading activity has been light for the past 2 weeks. We are in the stocks we want to be in and are simply waiting for the market to see it our way.
In this endeavor, we have seen some headway in a few of the portfolio holdings with GOOD and IRM serving as the best examples. While still not fully valued, the market price for GOOD and IRM is approaching somewhere we feel comfortable using them as a source of capital for future opportunities.
In our experience, September usually restores order. Professionals return to their desks and fundamentals are brought back into focus. The coming months will be a good test of our fundamental rigor and perhaps hint as to whether the recent portfolio repositioning was a smart move.
Commentary may contain forward looking statements which are by definition uncertain. We retain no obligation to update or correct forward looking statements should the available information change. Actual results may differ materially from our forecasts or estimations.