Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Honolulu-based conglomerate Alexander & Baldwin
So what: Given Ackman's reputation as an activist investor who buys undervalued companies and actively pushes to unlock that value, Mr. Market is naturally bidding up Alexander & Baldwin's stock in anticipation of shareholder-friendly changes. In fact, Ackman and McGuire said specifically in a joint regulatory filing that they "expect to engage in discussions with management, the board, and other stockholders," as they believe that the shares "are undervalued and are an attractive investment."
Now what: Don't let today's big rally scare you away from the stock. While Fools should never blindly ride the coattails of any bigwig investor, Ackman's recent success with Fortune Brands
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