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Strategies & Market Trends : Value Investing
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From: E_K_S4/12/2012 11:34:27 AM
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Bunge Limited Bunge Limited (NYSE: BG)      - peeled off last of high priced shares
El Paso Corporation (Holding Co (NYSE: EP)  - peeled off shares from buys in 2003 @ $7.84/share
Ultrapetrol (Bahamas) Ltd (NasdaqGS: ULTR)  - peeled off some high priced shares
COMPAGNIE GENERALE D (Other OTC: MGDDY.PK)  - closed out position
goo.gl

A little bit of house cleaning to raise some capital. I closed out MCDDY to lock in profit and will re enter back at the $11.50 price range. This is still a good value buy with an EK$ value around $16.00. I missed selling when it got close to $16 (and Clownbuck did his sells). I like the risk/reward at the lower price. Company has some good contracts to supply tires to the Navy and their exposure in China provides a good growth kicker.

BG is another value play that I believe I can reenter at lower prices. I am a bit concerned w/ all my AG holdings as current and forecasted harvests should be better than average that will effect future selling prices. Therefore, some of these AG companies have too much exposure to failing commodity prices and that can impact FCF. ULTR is in the same boat as they were my play in moving AG products (specifically soy beans on barges in Brazil) and I am scaling down my previous position as it has not panned out so far.

EP is my 3.8x bagger from buys I made in 2003. The value buy presented at that time was one of those once a year Warren Buffet bets that paid off in spade for me. I still hold a 1/3 position but have been peeling off shares over the last two years. FWIW I moved part of those proceeds into WMB (w/ buys in 2009 and 2010) at costs around $15/share. WMB has been a good value buy for me and allowed me to diversify out of EP.

EKS
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