Nothing big here, I’m just making a point of reporting my portfolio moves here. Yesterday, near the close, I did a rebalancing buy of Group 1 Automotive. I had a rebalancing sell on GPI recently, so this is part of selling high and buying low.
I still think that the auto dealers are more immune to recession than most players in the auto business. In addition to selling new cars, they sell used cars, and provide service. The latter two services are recession-resistant.
Also, in this environment, I have been deploying my excess cash slowly, and the allocation to Group 1 is a means of taking advantage of a swing down in its stock price.
Full disclosure: long GPI