I've been harping about how ridiculous this CSX hedge fund story is and how it was conveniently marked at a May month end high of $69.06. I'm not saying that anyone in particular marked it there. I am saying it looks suspect. Today the stock closed -11.8% lower than that day of May 30th. What a difference a month makes...
"Me-Too" activist investing is a by-product of the leverage cycle. As cost of capital increases, and access to capital tightens, some of these concentrated "activist" funds will just go away.
(chart courtesy of stockcharts.com)