Giving up on Dick Smith

The latest guidance from DSH disappoints again - we sell the stock to protect our profitable income portfolio.

The investment thesis for our initial buy call and coverage of Dick Smith Holdings (DSH) has not delivered, as the company management has failed to deliver on profit guidance. In light of this I am ceasing coverage of DSH as an income investment with a sell call, and intend to sell the stock from the Income First model portfolio using the open price tomorrow (December 1).

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