By now most everyone has read the expose on Seeking Alpha on Farmland Partners (NYSE:FPI).
We have disliked the company since they came public back in 2014. What we have most disliked about the company was the pricing of the shares (over valued) and the carnival barker like management team–in particular Paul Pittman.
Whether the accusations on Seeking Alpha are true or not is for others to worry about as we have no dog in this fight.
We had pondered purchases of the FPI-B preferreds if it reached a current yield of 7% or so, but that is now no longer a possibility. The only move we see here is a quick flip of the common or preferred for those that are nimble and don’t mind the risk. In these types of situations the initial reaction is almost always overdone.