WALL STREET GURU DUMPS 2M SHARES OF NYSE:UDR AT A HUGE LOSS AS LANDLORD FALLS APART
NYSE:UDR News: Ken Heebner, Founder of Capital Growth Mgt, Unloads 2 Million UDR Shares at a 36% Loss
July 19, 2009
G. Kenneth Heebner, co-founder of Capital Growth Management, a Boston-based money management firm, purchased 2 Million Shares of NYSE:UDR at the end of 2008 for $14.70/share and sold it all less than three months later in March, 2009, at $9.48 with a stunning 36% loss.
We’ve always thought of Mr. Heebner as a giant in the world of savvy moves and extravagant, yet brilliantly calculated stock picks. He got out from under the UDR boulder rolling down hill in time. According to Guru Focus, “Heebner is a growth oriented investor. He has a history of making bold and swift sector calls. Mr. Heebner is fiercely independent, and is not afraid to make large bets based on his convictions.”
Founded in 1990, Capital Growth Management (CGM) manages mutual funds and advisory accounts through an investment approach that emphasizes prompt response to changes in the market or economy. The firm seeks to deliver growth by selecting stocks with significant potential for price appreciation and generally constructs highly concentrated portfolios. As of December 31, 2008, assets under management were $7.1 billion.
UDR, Inc. closed at $9.48 last Friday, July 16, 2009. Let’s see how UDR competitors stacked up:
Essex Property Trust, Inc. (ESS): Last Close – $59.69
MidAmerica Apt. Communities, Inc. (MAA): Last Close – $35.87
Home Properties, Inc. (HME): Last Close – $32.64
Wonder if Heebner wishes he’d put his eggs in one of those baskets?
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