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One year ago, almost to the day, on July 13th, 2007, TGT went to $70.14 on the hopes and dreams of the me-too levered long community riding Bill Ackman's "activist" position into the sunset. Today, TGT is down -35% from those ridiculous expectations.

Most of you who have followed my views since I left Wall Street in November, know that I have been long WMT and short TGT ever since this circus began.

I am happy to walk out of the circus tent, with my popcorn, smiling...

Clearly, Bill didn't "do macro".

*Full Disclosure: I covered my TGT in the last 30 minutes of trading.
KM