I sold for a pretty nice profit yesterday (about $1 a share) on a rather large trade. This could very well go higher, but on the other hand it could drop like a rock just on arbitrage if it loses its luster. People I talk to who never play stocks are in on this play, and that scares me. I will wait for the premium gap to close, and it will at some point. It could be way higher by then and I have missed the boat, but logic will take over at some point when everybody is least expecting it.
You are a dummy if you think that. The solution here is to go long BIR.IR and short IRE. Or just go long BIR.IR. Why pay a 40% premium? I can understand maybe 10% for liquidity reasons and people buying NYSE for 401Ks or whatever, but 40%, the gap will close and if BIR.IR does not skyrocket, IRE is going to fall hard.