| | | My top (>2.5%) positions in no particular order: GLW, MGDDY, JPM, MSFT, DRAGF. Out: CYOU - price drop
Fixed income: ~16%
Cash: ~18%
New positions: TPCA, TPRE, CWH-E, MHNB, INGR, YARIY
Positions increased: STX, MKL, JOY, VASTN, JPM
Positions reduced: CJES, INTC, MSFT
Positions eliminated: PWRD, NOK
Flip-flop:
Fixed income: with the drop of prefs and related, there are some (relative?) bargains to be had at around 8% yield. They are still risky: if rates run up much more from here, these positions will drop, possibly a lot. Still, I bought some CWH-E mentioned by Dale and MHNB mentioned by Paul Senior.
On the equity side, the biggest event was MSFT's purchase of NOK's device and service part. I am not interested in remaining NOK although some in depth analysis could potentially uncover whether it is undervalued. IMHO, people are overoptimistic about NSN: it's a hard competitive business and its recent profitability is not necessarily sustainable. OTOH, the "free" patent royalty stream may be valuable and so might be HERE if sold or spun off. But I will leave this to "sum of parts" investors. :)
I sold NOK. I reduced position in MSFT as it will face some difficult quarters and integration risks. I may sell more if MSFT stock runs up. I may rebuy if it drops.
I sold my PWRD position as stock ran up and company reported very mediocre quarter.
I sold some CJES and INTC: neither company is very attractive to me at current prices. I was too chicken to decide whether to hold or to sell the whole position, so I sold part.
I added to STX, MKL, JOY, VASTN, JPM at prices similar to the past. They are somewhat attractive, but not very attractive.
I bought new positions in TPCA, TPRE, INGR, YARIY. All of these stocks were discussed on this thread recently. Except for YARIY, none of them are very cheap and YARIY is cheap due to expectation of cyclical decline. It might not be cheap if cycle turns hard.
I looked if I could raise cash, but I am happy with most of my positions as long term holdings, so I have not sold much so far. Hopefully the cash and bond cushion is big enough for now. |
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