We decided to sell our position in Bank of New York Mellon (BK, Financial) with a small profit. We becamemoderately less comfortable with the market exposure in both the Investment Services andInvestment Management segments and felt that the market was giving the company too muchcredit for potential earnings leverage to multiple Fed rate hikes.
From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.