Summarizing my activity over the last year or so:
I still hold core positions in First Marblehead, Pepsi, Microsoft, ADP, First American and Fidelity National, State Street, Ebay, Principal Financial and McGraw Hill. They've done pretty well and I did trim some First Marblehead with its big appreciation... my position is too big to add to based on the recent JPMorgan proposed buy of Sallie Mae - unless FMD gets even cheaper. I sold Diageo (bought in 2005 at $56) at $78 in December and just hold a stub.
The Travelocity I bought in 2006 in the low $20's got LBO'd recently at $32.75. I bought some Expedia last year at an average cost of $15 which I hold at $24.
Although I believe the real estate bubble popping has yet to fully unfold, I did go against the market and bought Ryland last year at $36 which I then sold at $53. I also bought MDC Holding at an average cost of $48... I am selling this and exchanging for "Building Materials Holding". This is a $17 stock that is a supplier to the national homebuilders (who are consolidating the industry). In 2006 they earned around $3.50 and in 2005 $4.50, so their trailing ROA and ROE are great (but forward is just okay). Price-to-book is .86. Forward PE is about 13. They grow by acquisition but without dilution, using debt and cashflow. I just recently sold my remaining REIT stubs from positions I started in 2001-3.
I closed my United Utilities position bought in 2003,4 in the high teens selling last summer in the mid $20s.
I sold my remaining UST bought in 2/2006 at $38 at $57 in early 2007.
I still hold a small position in Pfizer but I have not added.
I have followed some name value managers into Washington Mutual and Wal-mart over the last year. My cost is $43 and $47 respectively. These are big positions but I don't consider them core.
I'm building a core position in Google (average cost $471). It smells like a growing monopoly and it trades at 25x 2008 earnings.
I restarted a position in Valero at $50 in 1/2007 but I sold before the earnings release this week at $70. I restarted a Conoco position at $71. In December 2006 I started a bunch of Canroy positions (PWE, AAV, CNE, PEYUF, VNGFF, PVX, HTE). Prices generally have appreciated and the dividend yields were in the mid teens, but some of them cut their distributions this winter, so I'm slowly getting out waiting for the 12 month capital gains period (except for PEYUF which I will hold). I have a large position in Patterson UTI (average cost $23) because I find the CEO credible and his thesis about the prospects for contract drilling in the US credible. I bought and hold a small position in Crossy pick Connacher, an oil sands company, at $2.97.
Updating my last post Message 21941667 :
o I got hammered on Planetout (down 60% on a big position). I still have a small position and may add. The company's management has been the worst I have ever experienced.
o I still hold Joann Stores at $31 bought at $14 waiting for the 12 month capital gains period.
o I got hammered on Cryptologic and sold when the US took acts to bar online gaming last year. The stock has recovered but not to my benefit, because I'm out.
o I sold Estee Lauder bought at $30 at $41.
o I sold FTD at $18 (bought at $11)
o My Pegasus Solutions got LBO'd at around $9.50 (bought at $7).
Stocks discussed:
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