One, the business stinks. Three, we like having a short in the portfolio and Trump fits the bill. Four, we like being short a debt-heavy gambling house. It's good to see Trump get a taste of its own medicine, quarter after quarter, in the form of regular losses. Good businesses serve the community.
Bad businesses try to take advantage of the community.
Don't expect us to cover Trump anytime soon. Unless Trump refinances, we probably won't cover the position. We'll wait for more competition, further devaluation of Trump property, and more life-sucking interest payments. Plus, we'll keep hoping that Trump takes on more leverage. We're hoping that Trump does invest in South American hotels.