Sold Frontline ( FRO )
Friday Dec 6 at $3.50
Net profit 33%
Rational: The recent move up in the price is not based on the fundamentals of the Company – rather the admission by the Company that it must reorganize to fend off looming defaults and bankruptcy. The shares rose this week and we were happy to part with our position and a very nice margin.
I was happy to take my profits – even our remaining position in Dryships is more secure than Frontline. I think it reasonable to say the better shipping stocks like Diana ( DSX) and Safe Bulkers ( SB) , Ship Finance (SFL) are going to prosper on our scenario of a better world economic outlook and rising Baltic Dry Index rates.
You can profit with Jack A. Bass Managed Funds – we earn our fees because we are performance based not fee based.
Portfolio Management : Engagement Process for Jack A. Bass Managed Accounts
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