May 20
See the end of the post for the current make up of my portfolio and the last four weeks of trades.
For the last number of months I have been increasingly uncomfortable about being fully invested. Throughout the amazing rally that we’ve had since the beginning of 2012 I have been haunted by the idea that the rally is a liquidity induced euphoria . In particular, I am given humility by this chart. Read more
May 11
This isn’t a complete portfolio update. I won’t be posting my performance or trades; I will leave that for another week. I just want to give a short update on some of the earnings reports that have come out or are still to come out while the thoughts are still fresh in my mind. Here is a quick snapshot of the top positions in my portfolio as of Friday’s close.
MagicJack earnings come out Monday after the market close. I’m nervous about them, because the stocks action has been poor, it is a large position for me and because I’m not convinced the numbers will be great.
The company lowered advertising spend significantly in the quarter in anticipation of the release of the new version of the device and the app. That will help costs, but it will also probably hurt revenue. On the fourth quarter call the company said that they expected the first half of the year to be “soft”. Read more
Apr 28
I made a number of portfolio changes today, reducing positions in a few stocks that haven’t been working out as I had hoped. I sold the last of Pacific Ethanol, sold out of Syncora and reduced my position in Chipmos. In part I made these changes to raise cash because I have been adding to my position in Transat A.T.
I first bought Transat A.T (TRZ.B) on March 19th and have added to it a few times since then. I made the following tweets at the time (read from bottom to top):
Transat provides both chartered and scheduled flights originating in Canada and France. They operate three main service routes.
Apr 23
See the end of the post for the current make up of my portfolio and the last four weeks of trades.
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
