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David Einhorn Comments on Pitney Bowes
Posted by: Holly LaFon (IP Logged)
Date: January 23, 2013 05:09PM
Our three year old thesis that Pitney Bowes (PBI) was a “melting ice cube” due to secular declining U.S. mail volumes played out. The company has been in a perpetual restructuringmode and reported a series of disappointing quarters. In addition, the viability of the dividendcame into question. We covered the short position with a nice gain.
From David Einhorn's fourth quarter letter.
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