My top 10-ish positions in no particular order: UVIC, GST-A, IDCC, GLW, MHR-C/D, EGY, GILD, ARY, COPJF, DRAGF, MSFT. Changes in top-10: Out: CSR, NRF-A/B - sold all, UFPT - price drop. In: ARY, GLW - bought more
New positions: COP, NICK, TSRA, MGDDY, IGK, AEF, CTEL, CMI, AAPL
Positions increased: RE, GLW, ENTR, DSX, ARY, MHR-C/D, GST-A, GRVY, INTC, DRAGF, SNDK, AGXKF
Positions reduced: IDCC
Positions eliminated: CSR, NFR-A/B, ELD
Flip-flop: None
Big market drop and volatility has led to a lot of purchases in my portfolio. Though sales size-wise were also big, they were more concentrated and had more market-independent reasons.
Fixed income portfolio looks very different from last time. I decided that I am not comfortable with the income and balance sheet games NRF plays and I liquidated my position in NRF-prefs. Should have done it earlier, but luck does not always shine. I received OKish prices and even some dividend. I replaced most of the NRF positions with a combination of ARY, AEF, IGK, GST-A and MHR-C/D. Quite possibly I should have flip-flopped out of AEF and IGK on their bounce to 24.X. Might do this if they approach the price again. Today's drop was a great time to add MHR-C/D. Unfortunately, I have also added at higher prices.
I also sold small ELD position since I was not sure where it will go in current market environment. This was pretty much a wash with some income earned in the meantime.
On equity side, CSR and IDCC continued to be two big sales. Now I am out of CSR and I have substantially reduced IDCC position yet again. It might be good idea to get rid of IDCC totally now that GOOG is out of the takeover play, but I have not done it yet.
On the buy side, I must say that so far all the buys were mistakes. ;) Of course, this is exactly what long investor feels in a bear market: the fear that all their investments were mistakes and will never go up. So usually they sell at break even or at the bottom. Anyway, coming back to my mistakes, the biggest ones are probably additions of DSX and ENTR. DSX business sucks right now. ENTR itself is unclear whether their business will recover. The other mistakes are:
COP - mediocre supermajor, might not go up as much as small E/Ps even if oil recovers
NICK - consumer finance company that will suffer in recession
TSRA - another patent company, yet GOOG is not going to buy it
MGDDY - Euro and France are doomed as we all know
CTEL - HK people want Internetz for free, the business is doomed
CMI - like Clownbuck says, every truck manufacturer will use their own engines
AAPL - Steve Jobs will die and AAPL is too expensive anyway
RE - buying reinsurance company with another hurricane coming...
GLW - big TVs in a recession???
GRVY - Ragnarok 2 is delayed again
INTC - NVDA, AMD, QCOM and ARMH will eat them
DRAGF - why would Europe need oil and gas when they are going to down the drain?
SNDK - commodity business and nobody's buying flash memory
AGXKF - junior gold producer during gold top
Oh well, I hope you guys have better ideas than I do. :) |
