Benj GallanderAlexanders Inc.ALXPAST TOP PICKJul 04, 2008

(Top Pick Sept 7/07, Shorted, He’s up 6%), just declared a special dividend of $7. New York real estate firm and quite disconnected from rest of country; has not caught up to the recession.

Top Short A REIT. One of the major dangers in shorting is if they pay out money, which they have not been doing. Own 7 good properties in New York state. Have lost money in 2 of the past 3 years. CEO took out about $60 million, which he doesn’t like. Revenues of about $200 million, but have a debt load of about $1 billion.

Top Short A US REIT. Developed a lot of property in New York City. Real estate in New York has been stratospheric which has pushed the stock very high over the last 5 years. Way overvalued. Would cover his short at 25%-30%.