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Posts from the ‘Nordion (NDN)’ Category

Week 146: Some thoughts on agility

Portfolio Performance

week-145-yoyperformanceweek-145-Performance

See the end of the post for the current make up of my portfolio and the last four weeks of trades.

Recent Developments

Four weeks ago I wrote:

I think an important pillar of my strategy to take advantage of the concentration that I can have.  I don’t have anyone pressuring me to be diversified or questioning my risk level or anyone to answer to if something goes wrong.  So I don’t hesitate to have a large percentage of my portfolio tied to the names I think will perform the best.

With that said, the names that I am currently of the heaviest weight are, of course, Pacific Ethanol, which remains my largest position by far

Today Pacific Ethanol represents a 2% position for me. Read more

Tracing out Nordion

I’m going to start this post with a short summary of why I took a position in Nordion.  I tweeted the following at the beginning of January after establishing a position in the stock.

ndztweet

As I briefly explain in the tweet, Nordion has about $323mm of cash and another $40mm of restricted cash on their balance sheet.  They have $41 million of debt.  There are 61.9 million of shares outstanding. I bought the stock at a little over $10, so at an enterprise value of a little under $300 million. Read more

Week 135: Retail Changes

Portfolio Performance

week-135-yoyperformance

See the end of the post for the current make up of my portfolio and the last four weeks of trades.

week-135-Performance

Recent Developments

During the Christmas break I began to focus my attention on the Canadian market, searching out stocks that had not yet participated in the bull market or that had further room to run.  I started to call these stocks my “Venture” ventures but that is not really accurate; I’ve actually only invested in a couple of companies that trade on the Venture exchange.  But they do tend to be small and micro and even nano cap companies, so many of them are Venture in spirit if not name.

My thesis was based upon a few pillars.  First, the Canadian markets severely underperformed the US markets in 2013 and given the tie between the trade of the two countries I didn’t think this disconnect could continue forever.  Second, The Canadian markets were dragged down by a rout in commodity stocks, particularly gold, and I wondered how much of the general downdraft had resulted in non-commodity businesses being dragged down unfairly.  Third, the Canadian dollar had fallen 10% and I had to think that this made any kind of export based business much more attractive.

The fall of the Canadian dollar also provided me with another reason to return to my home-country market.  I have done really well in the past year owning stocks in American dollars.  Its been a 10% gain across the board, even if a individual stock did nothing. But this force can work two ways and I am wary of a 5% correction to the upside that causes my portfolio to take a hit. Read more