This post was just published on ZYX Buy Change Alert.
JOE is a very long-term position. JOE is one of the biggest land owners in Florida. A simple fact is that over a long period of time land value goes up. However, in the short to medium-term there is a problem. Bruce Berkowitz, chairman of the company and 27% owner, recently sold 27,000 shares and is likely to sell more shares. This will put pressure on the stock.
Consider reducing the position size to 30% of the full core position size on bounces in the zone of $17.23 to $19.38. If the stock starts falling below $15.73, consider exiting 20% of the full core position size in the zone of $15.43 to $15.73.
The plan is to reduce the position now and hopefully to buy it back at a lower price over the next couple of years.
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