The Aleph Blog » Blog Archive » First Quarter Portfolio Changes

First Quarter Portfolio Changes

With all of the furor over the past quarter, I did not update my actions on my portfolio.  Today I do so.

New Buys

  • Archer Daniels Midland
  • Chevron Texaco
  • General Dynamics
  • Mosaic
  • Noble Energy
  • Oracle (can you believe it?)
  • iShares Brazil ETF

New Sells

  • Charlotte Russe
  • Cimarex Energy
  • Kapstone
  • CRH plc
  • Devon Energy
  • Tsakos Energy Navigation
  • Japan Smaller Capitalization Fund

Rebalancing Buys

  • AIZ (2)
  • CHIC
  • CRH
  • DVN
  • IBA (3)
  • LNT
  • NTE
  • NUE
  • RGA (2)
  • SAFT
  • SBS
  • SCVL (2)
  • VLO
  • VSH
  • XEC

Rebalancing Sells

  • AIZ
  • CHIC (3)
  • CRH
  • IBA
  • NUE
  • RGA (2)
  • SCVL
  • VLO
  • VSH
  • XEC (2)

Candidates List

My candidates list was smaller than usual, as I strictly limited candidates to be solvent in severe scenarios, such as we are facing now.  Nonetheless, here was my list of replacement candidates:

ABT ADM COL COV CVX FLR FMX GD INFY JNJ MCK MHP MOS MSFT NE ORCL PCP RTN SFG VAR

My favorite of those I did not buy was Stancorp.  If I could add more insurers, I would add them.  Stancorp is a  very well run firm.

I traded Brazil for Japan, and cleaned up my portfolio, trading away names with weaker balance sheets for those with stronger balance sheets, and aimed for industries that were not heading into reverse.

Full disclosure: long ADM CVX GD MOS NE ORCL EWZ AIZ IBA LNT NUE NTE RGA SAFT SBS SCVL VLO VSH






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One Response to First Quarter Portfolio Changes

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Disclaimer


David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent "due diligence" on any idea that he talks about, because he could be wrong. Nothing written here, at RealMoney, Wall Street All-Stars, or anywhere else David may write is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, "The markets always find a new way to make a fool out of you," and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves. Even the best strategies of the past fail, sometimes spectacularly, when you least expect it. David is not immune to that, so please understand that any past success of his will be probably be followed by failures.


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