Update on Denny's

Denny's is being acquired for $6.25 a share by Yadav Enterprises and Treville Capital. This officially puts a bow on my experience owning and following Denny's. The cost basis for my position was $5.99 a share, so this buyout would've netted me about a 3.3% gain assuming I held through the summer and sold today. While it would've been nice to get back to breakeven, I don't think selling over the summer was a bad choice. The real lesson learned is to sell earlier.

Two of the biggest mistakes I've made in my early investing career are Denny's and VF Corporation, which I haven't really documented here. These were both consumer turnarounds that hit a bump in the road and got crushed. If the consensus believes in the turnaround, the expectations will leave you holding a bag once they hit a bump in the road. Investing, at least in the short term, is all about changes in expectations and I was wholly unaware of what these were for both Denny's and VF Corp. I will be better!