Wednesday, 13 February 2013

HHC's Weinreb Presents at Harbor Conference; Brookfield Continues Selling

David Weinreb (CEO) presented in public for the first time (that I'm aware of) on HHC.  It was a great presentation - I highly recommend anyone interested in the company to listen to the replay, which can be accessed at   I will give my two-cents once I have had the opportunity to relisten to it a few times.

Brookfield (BAM) filed a 13D (for insider selling).  It appears they sold ~410,000 between Jan. 25 and Feb. 11, representing approximately 33% of total volume.  If my information is correct that they had ~2.7 million shares remaining as at Feb. 11, my rough math shows that it would take another 13 weeks or so for BAM to completely sell off their position at the current rate.  So despite the big move today as a result of Weinreb's speech, I believe the stock will be somewhat "freed up" sometime in May when the selling pressure from BAM eases away.   My deep respect for the brains in Brookfield was one of my motivators for buying into HHC, so it's a shame to see them go.   But my conviction that HHC is still a multi-bagger from here has been solidified and won't go away anytime soon.

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