Like Christmas in July

In addition to running screens and reading 10-Qs and 10-Ks, one of my regular activities involves tracking the filings of activist investors. While many of the larger activists, like Carl Icahn, make headlines on a regular basis, a lot of smaller activists have had a great deal of success finding cheap stocks and forcing corporate change to unlock value. I use them as a source of ideas and I am always delighted when an activist takes a position in one of my stocks. It's often a catalyst for rapid improvement of the stock price. Such is the case now as activists have been stalking a few of the stocks I have written about and own.

The biggest story has been CommonWealth REIT (CWH). The Related Companies, a large real estate investment firm, and Corvex Management, an activist firm headed by a Carl Icahn protégé, have teamed up to force out the board and unlock the value of the shares. There is a lot of value here as book value is $26 per share and the appraisals of net asset value place the value of the company near $40 per share. It has been a nasty fight as the external management company controls the board and enjoys an enormous stream of fees from the relationship....486 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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