This is a selection from my Q2 letter to the partners of Braewick Holdings. Braewick currently has a position in JCPenney (JCP). We first purchased shares in JCPenney for $27½ in 2011. But as the difficult transformation has progressed, just as short-term optimism drove the price above $40, short-term worries have knocked the share price down below $22. This gave us the welcome opportunity to increase our ownership at bargain prices.