JBH is a quality, well-known retailer that, in hindsight, we sold slightly too early in August – Alert. We have discussed JBH throughout 2024. It’s a company we like and have no problem buying back at the same price we sold or even higher, i.e. ego doesn’t add alpha/value to portfolios. However, global stocks have been driven to elevated valuations on rate expectations; hence, we won’t be chasing JBH above $80, but if it does experience another $10 pullback, we will consider the stock in the $73-75 area. JBH is a well-liked/owned stock and, as we saw in April/May, is susceptible to short/sharp retracements.
- We can see JBH rotating in the $75-85 area moving into Christmas.
MM is neutral towards JBH, around $79
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