My top 10-ish positions in no particular order: GTE, GFRE, TIP, GLW, GPOR, FR-J/K, IACAF, HOG, RIG, EMB, NRF-A/B, IDG/IGK/IND, JNJ, NXY, OXY, PKX, SDTH.
New positions: none
Positions increased: CLLZF, NRF-A/B, COPJF, MAIL, DO, CSGH
Positions reduced: IGK.
Positions eliminated: ALIF, FUQI.
IGK was sold as coming close to par. Increased NRF-A/B position.
After couple of years, oil sands play CLL is looking attractive again, so I added to my position. COPJF, MAIL, DO, CSGH were added to increase positions at prices similar to or lower than initial.
FUQI was sold after earnings restatement and bad Q4 results. ALIF was sold due high unresolved accounts receivable and rather poor results.
FUQI and ALIF reminded me of the following quote: "The risk of paying too high price for good-quality stocks is NOT the chief hazard... Chief losses ... come from purchase of low quality securities at times of favorable business conditions". Since I own a lot of Chinese small caps, I should etch this saying on my laptop screen. :)
Anyone wanna guess who said that? Hint: not Buffett, even though it sounds very much like him. No Googling please. :) |
