We are removing shares of Greenhill & Co. (GHL) after a strong run. Shares have reached the fair value level we argued for back when we added it to the Best Ideas list.
Greenhill was added to Investing Ideas on 11/22/13 and gained over 9% compared to a 2.8% return for the S&P 500.
For those investors who own GHL shares, and have a longer-term time horizon, we continue to see further upside potential over the intermediate to long-term as the M&A cycle renormalization continues, but we estimate that most of the short-term upside from improved M&A sentiment has now been priced in.
