Our three year old thesis that Pitney Bowes (PBI, Financial) 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.
From David Einhorn's fourth quarter letter.