tag:blogger.com,1999:blog-100787142024-03-28T22:28:04.176-05:00Money TurtleMy Journey Towards Financial Nirvana.Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.comBlogger1020125tag:blogger.com,1999:blog-10078714.post-49196381620635519822024-03-02T20:33:00.003-05:002024-03-02T20:43:16.158-05:00February 2024 Report<div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;">I’m off to a slow start in the year
and lagging the market. I eked out a small gain of 0.99% in February with Visa
and Mastercard doing the heavy lifting, while Apple (my largest position)
declined ~ 2%. Am I concerned? No, the goal is simply not to lose money at this
point. A super gain would be nice, but steady growth and some income is the way
to go for me now. I am still on the hunt for a decent growth company with a
dividend payout.</span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;"><br /></span><span style="color: black;">Here’s a current breakdown of my main
portfolio with the dividend yields (adjusted to my cost basis). </span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><br /></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgWy4d72SAu__QGqpHwxw71-nnN-9dMCIF_-VK7N-_9dLpAOtclizWzfTBmyDZK6rgXqolMI2zSXg9F0nNS5wsde8rI87w0XtObGyw2udd1dk0AlaDzj-POTQwKxjCIOoQgnFbxnzI7ZweLccCJph3pE8a2Ib8XmavekInvjvYMgzn6riZzA7_GpQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="263" data-original-width="397" height="170" src="https://blogger.googleusercontent.com/img/a/AVvXsEgWy4d72SAu__QGqpHwxw71-nnN-9dMCIF_-VK7N-_9dLpAOtclizWzfTBmyDZK6rgXqolMI2zSXg9F0nNS5wsde8rI87w0XtObGyw2udd1dk0AlaDzj-POTQwKxjCIOoQgnFbxnzI7ZweLccCJph3pE8a2Ib8XmavekInvjvYMgzn6riZzA7_GpQ=w257-h170" width="257" /></a></div></div></div><br /></span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;">When I started,
I really did not pay attention to the dividends, but over time the dividend payouts have contributed positively to the portfolio. Right now, I’m simply reinvesting the dividends into
the purchase of additional shares, which has nice compounding effect. Dividend paying stocks are the way to go over the long run. For example, my very first purchase of Visa is now yielding 18.90%. I am finally realizing the power of dividends! <br /></span><span style="color: black;"><o:p> <br /></o:p></span><span style="color: black;">No arb plays at the moment, just selling some puts on high volatility stocks (Tesla, Nvidia, etc...) to generate small income. </span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><br /></span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;">That’s it for now…<br /></span><span style="color: black;"><o:p> </o:p></span><span style="color: black;"><o:p> <br /></o:p></span><span style="color: black;"><o:p> <br /></o:p></span><span style="color: black;">2024 Performance = + 1.01% with the
running monthly returns as follows:</span></span></div><div style="line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><br /></span><span style="background: white; color: black;">January + 0.02%<br /></span><span style="background: white; color: black;">February +0.99%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-54472911738046563432024-02-06T19:18:00.004-05:002024-02-06T19:20:54.658-05:00January 2024 Report<p><span style="font-family: inherit;">Happy New Year! What a great start to the year with a whopping +0.02% gain! This
can be attributed to the recent pull back in Apple, which makes up ~ 40% of the
portfolio. It’s a high concentration in one position and I’m actually considering
adding to it. I view the Vision Pro as an iPhone moment and a new
inflection point for Apple. I won’t be purchasing the first gen Vision Pro, but
a maybe a second or third gen model. I can just imagine making trades with just
a blink of an eye… </span></p><p class="MsoNormal"><span style="font-family: inherit;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">No arb plays at the moment. With a wacko FTC chair, they will take
an opportunity to block everything in sight. It’s no longer like the good old
days when you can pretty much guarantee a HSR approval for any bolt on pharma
acquisition. Most acquisitions will still go through, but you have to sweat it
out a bit as they like to drag things out with a Second Request. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">We need some nice IPOs this year…<o:p></o:p></span></p>
<p class="MsoNormal"><o:p><span style="font-family: inherit;"> </span></o:p></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="font-family: inherit;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">2024 Performance = + 0.02% with the
running monthly returns as follows:</span><o:p></o:p></span></p>
<span style="line-height: 107%;"><span style="font-family: inherit;">January + 0.02%</span></span>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-47997307779718883212023-12-31T14:02:00.004-05:002023-12-31T19:57:07.235-05:002023 Year End Performance<p><span style="font-family: inherit;">I have to admit that I was too cautious with my initial outlook
for 2023. The performance of the market was a pleasant surprise as a good
portion of the crowd was bearish based on the inflation numbers. I was
skeptical that the Fed would be able to bring down inflation this quick, but I
have to admit that they have done a good job so far. There is still work to be
done, but it looks like the worst is behind us. I did manage to beat the
S&P 500, which I can once again thank Apple as well as Visa. I’m still
looking for some good dividend paying stocks to add to my portfolio. As my age
creeps up, I need to start generating some more passive income and dividend
paying stocks will be part of that strategy.</span></p><p><span style="font-family: inherit;">My current holding is as follows:</span></p><p><span style="font-family: inherit;"></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-family: inherit;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEitmAkyDRdHt1aKfQVgXePsisN2bLjHFhU8G85zdLTj30ge0_TLU7AjgYSJ09SwArjJzzsBuk7_7t41pSs046QqgJOsXKRFKJxRVTwR8M60GFU_-mxisPY09QQpwpdutx4N3QhjcuElFwUBdFv5-bHp6Rgs59R6gc2jb5KkQfsW1PonWBI04LqapQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="241" data-original-width="304" height="167" src="https://blogger.googleusercontent.com/img/a/AVvXsEitmAkyDRdHt1aKfQVgXePsisN2bLjHFhU8G85zdLTj30ge0_TLU7AjgYSJ09SwArjJzzsBuk7_7t41pSs046QqgJOsXKRFKJxRVTwR8M60GFU_-mxisPY09QQpwpdutx4N3QhjcuElFwUBdFv5-bHp6Rgs59R6gc2jb5KkQfsW1PonWBI04LqapQ=w211-h167" width="211" /></a></span></div><p></p><p class="MsoNormal"><span style="font-family: inherit;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">I decided to sell out Airbnb in December as it entered long
term capital gains territory and I’ve become more cautious with the company
outlook. It’s a good service and I’ve used Airbnb in the past, but more
recently I’ve booked with hotels instead of Airbnb’s whenever possible. The
cost advantage is minimal and in many cases more expensive than hotels. I know I
was extremely bullish when it first came public, but with the recent clamp down
by local communities it’s going to be more difficult to sustain its growth. It’s
still a nice cash generating machine, but at this point it’s just too risky for
me.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">This was a great year for generating income as the Fed
boosted the short-term rates. During the first half of the year, I was routinely
picking up T-bills for the yield. There was also a few good arb plays that
generated some nice gains such as Activision. I was less aggressive than in previous years with selling
options to generate income. I didn’t feel
the need to take on additional risk as the short-term rates were high. Selling options will continue to be part of my overall strategy.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">So, looking out in 2024, the market is pricing in rate
cuts by the Fed in response to the anticipated economic slowdown. I guess interest rate
sensitive sectors should do well such as financials and more speculative
companies. I will still focus on large cap companies with dividend payouts. I'll be happy if I can generate 10% + return for 2024. Who
knows, maybe I’ll just transition a portion of the portfolio to the S&P 500 index and relax a bit. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: inherit;">Have a Happy New Year, Good Health and Fortune to All!<o:p></o:p></span></p>
<div class="separator" style="clear: both; text-align: center;"><br /></div><span style="font-family: inherit;"><o:p></o:p></span><p></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="font-family: inherit;"><span style="background: white; color: black;">2023 Performance = +29.76%
with the running monthly returns as follows:</span><span style="color: black;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="color: black;"><span style="font-family: inherit;">January +8.04%<br />
February -1.60%<br />
March +6.31%<br />
April +2.39%<br />
May +1.02%<br />
June +7.00%<br />
July +3.85%<br />
August -2.10%<br />
September -6.10%<br />
October -1.62%<br />
November +8.42%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span style="color: black;">December +1.88%</span><span style="color: black;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><o:p><span style="font-family: inherit;"> </span></o:p></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="font-family: inherit;"><span style="background: white; color: black;">Annual performance
for the past twelve years is as follows:</span><span style="color: black;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="background: white; color: black;"><span style="font-family: inherit;">2012 +61%<br />
2013 +44.61%<br />
2014 +29.47%<br />
2015 +33.48%<br />
2016 +14.61%<br />
2017 +42.12%<br />
2018 -4.11%<br />
2019 +40.17%<br />
2020 +32.81%<br />
2021 +13.58%<br />
2022 -14.14%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span style="background: white; color: black;">2023 +29.76%</span><span style="color: black;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="color: black;"><span style="font-family: inherit;"><br />
<span style="background: white;">CAGR from 2012 to 2023 = 25.18%</span></span></span><span face=""Trebuchet MS",sans-serif" style="color: black; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com3tag:blogger.com,1999:blog-10078714.post-57058549766498513152023-12-03T20:32:00.001-05:002023-12-03T20:33:24.026-05:00November 2023 Report<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background-color: white; font-family: inherit;">November exhibited strong
results during this seasonally strong period for the markets. The portfolio
increased +8.42% which can be attributed to Apple (42% of portfolio) gaining ~ +11%
and Visa (23% of portfolio) ~ +9%. Hopefully, the momentum continues through December
and end the year on a strong note. Cash holding remains ~ 5% and is currently
generating a yield of ~5%, which is not bad. I would have to see some good
compelling opportunities to put this cash to work.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;"><br /></span><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">I did not participate
in any merger arb plays. Just continuing playing the short put game by picking
up some pennies here and there.<br /> </span><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">I know, this must be
one of the most boring monthly reports as the portfolio remains stagnant as I’ve
evolved into a buy and hold investor.<br /></span><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">That’s all I have to
report…<br /></span><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p><br /></o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p> <br /></o:p></span><span style="background: white; color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">2023 Performance = +27.37%
with the running monthly returns as follows:<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">January +8.04%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
February -1.60%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
March +6.31%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
April +2.39%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
May +1.02%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
June +7.00%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
July +3.85%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
August -2.10%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
September -6.10%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
October -1.62%<br /></span><span style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">November +8.42%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-71408210454761019202023-11-07T16:15:00.005-05:002023-11-07T16:15:48.314-05:00October 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">October was not kind to the portfolio. The big drag to the portfolio
can be attributed to Constellation Brands, which declined ~ 6.5%. Apple and Visa
were relatively flat. So overall, the portfolio declined ~1.62%. As we enter
the seasonally strong months, I’m cautiously optimistic that we will end the
year on a strong note.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br /><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">I did go relatively big on two merger arb plays: Horizon
Therapeutics and Activision. I went heavy on both via short Puts as the risk reward
was favorable to a successful close. I managed to pick up some spare change in
front of a steam roller without being flattened.<br /></span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">So nothing new, just trying to play it safe to the end of the
year.<br /></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p><br /></o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p> <br /></o:p></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">2023 Performance = +17.48% with the running monthly
returns as follows:</span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">January +8.04%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
February -1.60%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
March +6.31%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
April +2.39%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
May +1.02%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
June +7.00%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
July +3.85%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
August -2.10%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
September -6.10%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">October -1.62%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-83154777224063783402023-10-02T15:00:00.001-05:002023-10-02T15:00:27.427-05:00September 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">September
was a brutal month with just about everything taking a dive. My portfolio
declined 6.10% lead by all of my big holdings: Apple, Constellation Brands and
Visa. It’s a really challenging market to have conviction to take on new
positions. I do have a shopping list ready in the event the market does take a
plunge for whatever reason.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br /><span style="color: black; line-height: 107%;">I thought
the market was starting to recover a bit with the recent IPOs. Other than the first
day pop, the stocks (i.e. Arm Holdings and Instacart) could not hold onto their
gains. Need some strong IPO follow through action to show market strength.</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; line-height: 107%;"><br /> </span><span style="color: black; line-height: 107%;">Not much
on the special situations front. Still doing some short Puts here and there,
but that has been it. A really, really boring month…<br /></span><span style="color: black; line-height: 107%;"><o:p> </o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; line-height: 107%;"><o:p><br /></o:p></span><span style="background: white; color: black;">2023 Performance = +19.41%
with the running monthly returns as follows:</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;"><br /></span><span style="color: black;">January +8.04%<br /></span><span style="color: black;">
February -1.60%<br /></span><span style="color: black;">
March +6.31%<br /></span><span style="color: black;">
April +2.39%<br /></span><span style="color: black;">
May +1.02%<br /></span><span style="color: black;">
June +7.00%<br /></span><span style="color: black;">
July +3.85%<br /></span><span style="color: black;">
August -2.10%<br /></span><span style="color: black; line-height: 107%;">September
-6.10%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-41986225592708732282023-09-01T14:19:00.010-05:002023-09-01T15:53:46.092-05:00August 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">August was a mixed bag with the market taking a small dip. The
performance of my 3 largest holdings were as follows: Apple -4.27%, Visa +3.60%
and Constellation Brands -4.29%. This contributed to an overall decline of
-2.10% for August. It is really hard to have the conviction to initiate new
positions in this market environment. I would like to see some high-quality
IPOs come to market, but I do not see that happening right now. It is also hard
to beat T bills with a ~ 5%+ risk free return.<br /><span style="line-height: 107%;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="line-height: 107%;">In terms of special situations, I did play Activision and exited the position for a small gain after the dividend payout. I
continued to play the short put game to make some pocket change. Also
participated in the J&J tender offer (odd lot) for Kenvue and currently holding onto
the position. I usually flip these spin offs, but Kenvue has an attractive
valuation and a nice dividend payout. Who knows, maybe I will start to build on
this position. Spin offs historically have outperformed the market.<br /></span><span style="line-height: 107%;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="line-height: 107%;">Kind of disappointed with Fidelity with their recent online
platform issues. Their recent performance has gone way down with the site being
slow and system going down near the close of trading. I was with TD Ameritrade,
and they also had their issues. Who else is left to try? Thinking of
Interactive Brokers.<br /></span><span style="line-height: 107%;"><o:p> <br /></o:p></span><span style="background: white; color: black;">2023 Performance = +27.20% with the running monthly returns as follows:<br /></span><span style="color: black;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;">January
+8.04%<br /></span><span style="color: black;">
February -1.60%<br /></span><span style="color: black;">
March +6.31%<br /></span><span style="color: black;">
April +2.39%<br /></span><span style="color: black;">
May +1.02%<br /></span><span style="color: black;">
June +7.00%<br /></span><span style="color: black;">July
+3.85%<br /></span><span style="color: black;">August
-2.10%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com8tag:blogger.com,1999:blog-10078714.post-70902623905791560932023-08-01T10:17:00.004-05:002023-08-03T10:43:56.946-05:00July 2023 Performance<p><span style="background-color: white;"><span style="font-family: inherit;">July turned out
decent even with Apple and Visa doing nothing. The surprise contributor was
Constellation Brands, which increased ~15% for the month after activist
investor, Elliot took a stake in the company and implemented some shareholder
friendly changes. This basically resulted in the entire gain for July. I certainly
did not expect it, but there were some rumblings a few months back about some
activist action. I see much more upside in Constellation Brands with Elliot
taking a stake.</span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="background: white; color: black;"><span style="font-family: inherit;">I’ve ventured back
into the merger arb space with a ~ 20% position in Activision. This is now a
wait and see game, hopefully we get clarification from the CMA by the end of
the month. I just can’t see Microsoft going through all this drama and not
close just because of the CMA.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="background: white; color: black;"><span style="font-family: inherit;">That is all I have to
report.</span></span></p><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="background: white; color: black;"><span style="font-family: inherit;"><br /></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 12pt;"><span style="font-family: inherit;"><span style="background: white; color: black;">2023 Performance = +29.90%
with the running monthly returns as follows:</span><span style="color: black;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="color: black;"><span style="font-family: inherit;">January +8.04%<br />
February -1.60%<br />
March +6.31%<br />
April +2.39%<br />
May +1.02%<br />
June +7.00%</span></span></p><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;">July +3.85%</span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com7tag:blogger.com,1999:blog-10078714.post-52354503558789959132023-07-03T22:29:00.002-05:002023-07-03T22:32:47.911-05:00June 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">This market continues to amaze me with this wall of worry rally.
There is so much bearishness sentiment out there, but the market is discounting
a lot of this news. We’ll eventually have that recession, but I can see the
market rallying off the recession news. Right now, I’m cautious and maintaining
a good cash position for opportunities that may arise. June was a strong month
with a ~ 7% gain thanks to Apple. I have to admit that Apple’s Vision Pro demo
was really impressive. I’ve been skeptical with all these VR headsets out
there, but Apple is different and did a great job demonstrating use cases.<br /><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">The portfolio remained status quo with no changes other
than some small incremental cash from selling options. I’ve cut back a lot on
selling options as I see risk in a market sell off. I’ll rather park the cash yielding ~4.75% and be able to sleep at night. When I have option positions,
I always worry about that black swan event and sometimes have to sweat it out until expiration.<br /></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p> </o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p>That's all I have...</o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p><br /></o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p><br /></o:p></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">2023 Performance = +25.08% with the running monthly
returns as follows:</span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">January +8.04%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
February -1.60%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
March +6.31%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
April +2.39%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 0pt; mso-ligatures: none;">
May +1.02%<br /></span><span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">June +7.00%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com7tag:blogger.com,1999:blog-10078714.post-68846403298515897582023-06-04T06:01:00.001-05:002023-06-04T06:01:44.720-05:00May 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">Midway through the year and the market is holding up well
considering the rise in interest rates and the geo-political issues. There were
no changes made to the portfolio with the top three holdings making up ~ 80% of
the portfolio (Apple = 42%, Visa = 21% and Constellation Brands = 20%). I’m
still comfortable with this concentration but may gradually transition to an S&P
500 index approach.<br /><span style="line-height: 107%;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="line-height: 107%;">I’m still selling out of the money options to generate some income. I’ve taken a more conservative approach by going further out of the
money than I usually do. With interest rates this attractive, there no need to take
additional risk.<br /></span><span style="line-height: 107%;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="line-height: 107%;">I’ve stayed away from merger arb plays this year as the
regulatory risk is way too high. This used to be my primary source of generating income, but just have to adapt to changing conditions.<br /> </span><span style="line-height: 107%;"><o:p><br /></o:p></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="line-height: 107%;"><o:p> <br /></o:p></span><span style="background: white; color: black;">2023 Performance = +17.60% with the running monthly returns as follows:</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;"><br /></span><span style="color: black;">January
+8.04%<br /></span><span style="color: black;">
February -1.60%<br /></span><span style="color: black;">
March +6.31%<br /></span><span style="color: black;">
April +2.39%<br /></span>May
+1.02%</span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com5tag:blogger.com,1999:blog-10078714.post-44999604939848138352023-04-30T19:14:00.001-05:002023-04-30T19:14:26.425-05:00April 2023 Performance<p></p><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">April was very
quiet for me as I slowed down my options activity. With rates this high, it
just didn’t make sense to push it by selling short puts / calls. I’m willing to
do nothing and just let the cash sit and earn 4%+. I just want to be caught up
in a black swan event, which can destroy a short put / call position. My big
positions are as follows: Apple ~41%, Visa ~23% and Constellation Brands ~19%.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br /> I can’t believe
that I owned a position in First Republic Bank at one point. It was many years
ago and subsequently sold it for whatever reason. The only financials I will own
are Visa and Mastercard as they have proven that they can survive a financial
crisis. I would never have thought in a million years that First Republic Bank
would get into this kind of mess.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br />I also have not
dabbled into any risk arb plays. I was very tempted to get into Activision
Blizzard based on the rumor of an imminent UK approval. The UK decision to
block the deal was a big big surprise. I’m glad I didn’t play it as I would have
likely gone in big and would be in a little trouble right now.</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br />Looking to add
to some dividend paying stocks…<br /><o:p> </o:p></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><o:p><br /></o:p><span style="background: white; color: black;">2023 Performance = +15.72% with
the running monthly returns as follows:</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;"><br /></span><span style="color: black;">January +8.04%<br /></span><span style="color: black;">
February -1.60%<br /></span><span style="color: black;">
March +6.31%<br /></span>April +2.39%</span></div>
<br /><p></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com2tag:blogger.com,1999:blog-10078714.post-25913389784552182002023-04-03T18:58:00.002-05:002023-04-03T18:58:27.962-05:00March 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;">It certainly
did not feel like a big positive month, but a gain is a gain. I have to give
credit to Apple for the majority of the gains in March. Still not
much going on, but it is nice to have cash generating some decent yield these
days. I’m sitting at ~ 5% cash right now and may stay at that level for a while
with these rates.<br /></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">So I’m
just hanging tight right now and looking for a nice fat pitch…</span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><br /></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">
</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><br /></span><span style="background: white; color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">
2023 Performance = +13.02% with the running monthly returns as follows:<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">January +8.04%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">
February -1.60%<br /></span><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">March +6.31%</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><br /></span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-79128890006732751452023-03-03T16:59:00.000-05:002023-03-03T16:59:38.257-05:00February 2023 Performance<p></p><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: black;"><span style="font-family: inherit;">February was uneventful as the portfolio declined
after a nice run in January. The portfolio has not changed with holdings in
Apple, Airbnb, Ginkgo Bioworks, Mastercard, Qiagen, Constellation Brands and
Visa. The big loser so far has been Ginkgo Bioworks, but I entered this
position knowing that this is going to be a long term play. I will be patient
with Ginkgo Bioworks to see how their cell
programs evolve. Ginkgo Bioworks is a small position and currently makes
up 0.33% of my portfolio.</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;"><br /> </span><span style="background: white; color: black;">I’m still selling short, dated options for tiny
gains. I did finally get clobbered on a short put play. I was in Pioneer Natural
Resources, and everything was going as expected until news hit that the company
was looking to acquire Range Resources. The stock instantly sold off on the
news and my out of the money short put was now in the money. A took a nice loss
on that one. What stunk was that this news was subsequently denied by Pioneer
Natural Resources and the stock recovered. This was a good lesson for me!<br /></span><span style="background: white; color: black;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;">Still
hunting for good risk reward merger arb plays…<br /></span><span style="background: white; color: black;"><o:p> <br /></o:p></span><span style="background: white; color: black;">2023 Performance = +6.31% with the running
monthly returns as follows:<br /></span><span style="color: black;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;">January +8.04%<br /></span><span style="color: black;">February -1.60%</span></span></div>
<br /><p></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-85390095939480927182023-02-07T19:53:00.011-05:002023-02-07T20:02:12.762-05:00January 2023 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;">It’s a New Year and a fresh start. Reflecting back to 2022, I’m
glad that my portfolio did not implode and realized that the importance of minimizing
losses is the key. 2023 started out well with a small gain. Nothing has changed in my portfolio with holdings in Apple, Airbnb, Ginkgo Bioworks, Mastercard,
Qiagen, Constellation Brands and Visa. I did shift cash into T-Bills, which is currently
yielding ~ 4.5% with a 4 week maturity. This is really the first time that I’ve invested
in fixed income. I still can't believe that my broker is still offering a yield of just 0.35% with their cash account! This is literally robbery in this rate environment. </span> <span style="background-color: white;"> </span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background-color: white;"><br /></span><span style="background: white; color: black;">In terms of options, I'm still doing the same thing by selling
Puts and Calls on volatile tech stocks such as Tesla. I usually go out 20%+ out of the
money, but you still have to be careful as the implied volatility can screw you over quickly.</span> </span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br /><span style="background: white; color: black;">That’s all I have…</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: black;"><span style="font-family: inherit;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="background: white; color: black;"><br /></span><span style="background: white; color: black;">2023 Performance = +8.04% with the running monthly returns as
follows:</span><span style="color: black;"><br /></span><span style="color: black;"><br />
</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="color: black;"><span style="font-family: inherit;">January +8.04%</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="color: black;"><span style="font-family: inherit;"><br /></span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-52907306516294879632023-01-01T15:43:00.005-05:002023-12-31T09:37:36.887-05:002022 Year End Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;">I’m sure everyone is glad that 2022 is over and we can have
a fresh start in 2023. My portfolio generated a loss of -14.14%, which I am not
happy about. It could have been worse with the S&P 500 declining -19.4% and the NASDAQ -33.1%. In this
game, it’s all about minimizing one’s losses and having sufficient capital to
participate the next bull market. I just don’t see a bull run until the Fed starts easing
rates. I will most likely just play it safe and continue to do what I have done this
past year by selling puts / calls and merger arb plays. And with yields this attractive,
I’ve actually started buying T-bills for the first time. You just can’t go wrong
with T-bills generating ~ 4% return with absolutely no risk.<br /><br /></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;">My portfolio is really boring as it is stagnant with little to no turnover. I am a buy and hold investor in mostly dividend paying stocks,
which is how you truly make the big money over the long term. I reinvest the
dividends in additional shares and the compounding effect over time is really
incredible. For example, I bought Visa at the ipo price of $11 (split adjusted) and with the company now paying $1.80 in annual dividend, this
comes out to an annual ~16% yield on the original shares. So be skeptical of anyone who
tells you that buy and hold is a bad strategy.<br /><br /></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;">The only position I totally sold out of is Alibaba, which I
basically broke even after holding for several years. If you consider the time value of money, I actually lost money over time. I should have sold when
the government stepped in and pulled the Ant ipo. I’ve learned my lesson in
investing in a country that is ruled by Communist leadership, just don’t do it!<br /> <br /></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;">I was very active in selling puts and calls in high volatile
tech stocks. The majority of the options trades were in Tesla. If you take a look at the volume of options activity in Tesla, it’s simply amazing. It’s literally a
giant casino out there. The gains in my options play covered the losses in
Airbnb and Ginkgo Bioworks. I realized a loss of -39.2% in Airbnb and -83% in
Ginkgo Bioworks. These were tax loss harvesting sales to lower my capital gains tax. I still have
positions in Airbnb and Ginkgo Bioworks so I obviously still like both of these
companies. Airbnb is cash flow positive so it will do fine over the long term.
Ginkgo Bioworks is my speculative play and I intend to hold on for the long
term. Ginkgo Bioworks is the leader in the synthetic biology space and many under
appreciate the work that this company is doing. As long as the Ginkgo Bioworks
founders are with the company, I’m staying along for the ride.<br /> <br /></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;">Here are my current boring holdings:</span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><br /></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEi7gu5AtUtQ12B4AWOT6sPVR6QeUQpPM3c__DePz6IDWtVi55oLtCT-nEYdvT9D9ll43A4Qb30-nD-lsBo-hWTl0z9iDZHVcebVzoEzVLBJrP8_XdIL_KBruCVqCCgE2J_BhApIx03c7QjCNDGTEM-rNwGCsGsXLew7CHZ_zerDM7Ss5ufO6mM" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="226" data-original-width="349" height="207" src="https://blogger.googleusercontent.com/img/a/AVvXsEi7gu5AtUtQ12B4AWOT6sPVR6QeUQpPM3c__DePz6IDWtVi55oLtCT-nEYdvT9D9ll43A4Qb30-nD-lsBo-hWTl0z9iDZHVcebVzoEzVLBJrP8_XdIL_KBruCVqCCgE2J_BhApIx03c7QjCNDGTEM-rNwGCsGsXLew7CHZ_zerDM7Ss5ufO6mM" width="320" /></a></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><br /></span></div><span style="font-family: inherit;"><br /><span style="mso-spacerun: yes;">So wishing everyone a Healthy, Happy and Prosperous New Year! </span><span style="mso-spacerun: yes;"> </span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="mso-spacerun: yes;"><br /></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="mso-spacerun: yes;"><br /></span><span style="font-family: inherit;"><span style="background: white; color: black;">2022 Performance = -14.14% with the running monthly returns
as follows:</span><span style="color: black;"><br /></span><span style="color: black;"><span style="background: white;"><br /></span></span></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><span style="background: white;">January -0.68%<br /></span></span><span style="color: black;"><span style="background: white;">February -6.00%<br /></span></span><span style="color: black;"><span style="background: white;">March +4.89%<br /></span></span><span style="color: black;"><span style="background: white;">April -4.41%<br /></span></span><span style="color: black;"><span style="background: white;">May -2.90%<br /></span></span><span style="color: black;"><span style="background: white;">June -7.28%<br /></span></span><span style="color: black;"><span style="background: white;">July +12.5%<br /></span></span><span style="color: black;"><span style="background: white;">August -3.1%<br /></span></span><span style="color: black;"><span style="background: white;">September -9.5%<br /></span></span><span style="color: black;"><span style="background: white;">October +11.55%<br /></span></span><span style="color: black;"><span style="background: white;">November +1.52%<br /></span></span><span style="color: black;"><span style="background: white;">December -8.81%</span></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><br /></span><span style="color: black;"><span style="background: white;">Annual performance for the past eleven years is as
follows:</span></span><span style="color: black;"><br /></span><span style="color: black;"><span style="background: white;"><br /></span></span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><span style="background: white;">2012 +61%<br /></span></span><span style="color: black;"><span style="background: white;">2013 +44.61%<br /></span></span><span style="color: black;"><span style="background: white;">2014 +29.47%<br /></span></span><span style="color: black;"><span style="background: white;">2015 +33.48%<br /></span></span><span style="color: black;"><span style="background: white;">2016 +14.61%<br /></span></span><span style="color: black;"><span style="background: white;">2017 +42.12%<br /></span></span><span style="color: black;"><span style="background: white;">2018 -4.11%<br /></span></span><span style="color: black;"><span style="background: white;">2019 +40.17%<br /></span></span><span style="background: white; color: black;">2020 +32.81%<br /></span><span style="background: white; color: black;">2021 +13.58%<br /></span><span style="background: white; color: black;">2022 -14.14%</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span style="color: black;"><br /></span><span style="color: black;"><span style="background: white;">CAGR from 2012 to 2022 = 24.77%</span></span></span></div><p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
<p class="MsoNormal" style="text-align: left;"><o:p></o:p></p>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com2tag:blogger.com,1999:blog-10078714.post-14877985266613207762022-12-02T14:04:00.002-05:002022-12-03T13:37:47.649-05:00November 2022 Performance<p><span face="Arial, sans-serif" style="background-color: white; font-family: inherit;">It’s been a wild ride as we
head toward the end of the year. The only minor change to my portfolio was
executing some tax harvesting trades with Airbnb and Gingko Bioworks. Oher than
that, my portfolio remains unchanged (Apple, Airbnb, Constellation Brands, Ginkgo
Bioworks, Qiagen, Mastercard and Visa). I am surprised with the strength in Constellation Brands, which is approaching all time highs. I guess it was a
good idea to have a position in a boring consumer staple.</span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">No merger arb plays at the
moment, but Horizon Therapeutics is interesting. I continue to play the Short
Put game, but much less aggressively now.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">That is really all I have to
add. A buy and hold strategy is a boring report.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -5.84% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">April -4.41%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">May -2.90%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">June -7.28%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">July +12.5%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">August -3.1%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">September -9.5%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">October +11.55%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">November +1.52%</span><span face=""Trebuchet MS",sans-serif" style="color: black; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com2tag:blogger.com,1999:blog-10078714.post-77098310932511185442022-11-01T20:28:00.004-05:002022-12-03T13:36:16.792-05:00October 2022 Performance<p><span style="font-family: inherit;">I</span><span style="font-family: inherit;"><span style="font-family: inherit;"> </span>guess when everyone is bearish, the market fools everyone
and rallies. I certainly did not expect such a strong October rally. I continue
to stay fully invested with ~ 5% cash position as I stink at market timing. My
portfolio has not changed, and is comprised of the following positions: Apple,
Constellation Brands, Visa, Mastercard, Qiagen, Airbnb and Ginkgo Bioworks.</span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">I did go big in Twitter by selling short Puts, but almost bit
the dust when there was a rumor that CFIUS was going to investigate the merger
with Elon. Twitter plunged overnight and I didn’t even realize until I saw the
pre market price in the morning. Fortunately, the Puts that I sold were way out
of the money and they managed to expire worthless. The spread in Twitter stock was
simply unbelievable even though closing was essentially 100% the next day. I
went in really big the day before closing as the risk reward was extremely
favorable. It’s not often that you literally see free money.<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -7.25% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">April -4.41%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">May -2.90%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">June -7.28%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">July +12.5%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">August -3.1%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">September -9.5%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><span style="font-family: inherit;">October +11.55%</span><o:p style="font-size: 10pt;"></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-20352419378012998872022-10-03T18:30:00.003-05:002022-12-03T13:38:30.019-05:00September 2022 Performance<p><span face="Arial, sans-serif" style="font-family: inherit;">September was another challenging month as the indexes fell
to new lows. I continue to maintain a holding pattern.
Apple finally got hit after rumors of slower iPhone production. I do see strong
pent up demand for these phones as I am eyeing one myself. I am
surprised how well Constellation Brands is holding up in this environment. Constellation Brands looks like it wants break out and emerge as one of
the market leaders. Constellation Brands reports this week, so we will see how
inflation is impacting this company.</span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">I continue to play the short put game, which has worked out
fairly well. I have become less aggressive as the market volatility increases.
I always worry about a black swan event whenever I put on these short put
positions. A big market crash will just wipe you out.<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">The correction in many of these tech companies are starting
to appeal to me now. Maybe time to start nibbling a bit, but we will see…<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -16.9% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">February -6.00%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">March +4.89%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">April -4.41%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">May -2.90%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">June -7.28<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">July +12.5%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">August -3.1%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><span style="font-family: inherit;">September -9.5%</span><o:p style="font-size: 10pt;"></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com6tag:blogger.com,1999:blog-10078714.post-29748079434771937082022-09-05T19:59:00.003-05:002022-12-03T13:39:03.480-05:00August 2022 Performance<p><span style="background-color: white; font-family: inherit;">The slow steady grind down continues
with one step up and two steps down. I have not made any changes to my portfolio
and will wait out this storm. There is so much bearishness in this market,
almost seems like the market should rally hard. Remember that the market is
looking out 6 to 9 months into the future so and will bottom when there is
maximum gloom and doom.</span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">I’ve significant slowed down
the put selling as the premiums has evaporated with the recent rally. Hopefully
with the continuation of the decline, the premiums will fatten up a bit. In any
case, I am going to take it easy with the put selling and not get too greedy. When
you sell puts, you are always worrying about a black swan event.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">Another quiet and boring month
with not much to report. <o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -8.13% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">April -4.41%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">May -2.90%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">June -7.28</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">July +12.5%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">August -3.1%</span><span face=""Trebuchet MS",sans-serif" style="color: black; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-73843820606292025052022-08-01T15:25:00.003-05:002022-12-03T13:45:19.838-05:00July 2022 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background-color: white;"><span style="font-family: inherit;">Not sure if this is a real or
bear rally, but I will take what I can get in July. My position remains status
quo with no changes to the portfolio. I do not see any attractive plays to go
in really big. I remember the good old days when Visa went public during the
financial crisis, and you knew you were getting that IPO at a decent price. I
wish we have some IPOs willing to brave this market. Then we will know how
healthy this market really is.<br /></span></span><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> <br /></o:p></span><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">Still selling the weekly
options to generate income. It has been slow and steady, but sometimes it can
be stomach churching. For example, I went fairly big in Visa and Mastercard
last week as an earnings’ play. Everything was going smoothly as planned until WSJ
broke the news that the Senate was looking at reducing the credit card transaction
fees. Visa and Mastercard too a quick dive and fortunately bounced back, I came
out fine, but if Visa and Mastercard continued its decent, I would have been in
some trouble.<br /></span><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> <br /></o:p></span><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">Stay safe in this market…</span></div>
<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> <br /></o:p></span><span style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> <br /></o:p></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -5.19% with
the running monthly returns as follows:</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br /></span></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">
January -0.68%<br /></span></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%<br /></span></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%<br /></span></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">April -4.41%<br /></span></span><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">May -2.90%<br /></span></span><span style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">June -7.28%<br /></span><span style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">July +12.5%</span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-86231500183684666422022-07-03T15:43:00.007-05:002022-12-03T13:41:39.146-05:00June 2022 Performance<div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face="Arial, "sans-serif"">I guess it
could have been worse as the bear market gains momentum. I did finally exit my
position in Alibaba with a small gain, which turned into a multiyear round tripper.
I got greedy with Alibaba and watched some big gains evaporate. My big cap
dividend payers [Apple, Visa, Mastecard and Constellation Brands] have held up
relatively well. While my more speculative plays [Airbnb and Ginkgo Bioworks]
have crumbled in this high interest rate environment. I don’t plan to make any
major changes to my portfolio.</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face="Arial, "sans-serif""><br /></span><span face=""Arial","sans-serif"">In terms of
merger arb plays, I did enter a position in Turning Point Therapeutics via
Short Puts. The position has since been closed out with a nice little gain. In
this environment I’m avoiding the PE plays as financing can get dicey. My focus
is merger arb plays with strategic acquirers.</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face=""Arial","sans-serif""><br /></span><span face=""Arial","sans-serif"">I continued
to generate income by selling Puts on some high volatility stocks such as Tesla.
My sweet spot is ~ 30% out of the money depending on the premium. I’ve gotten margin
calls even with ~ 20% out of the money strike prices due to the high implied
volatility, but I was able to quickly close those out with minimal negative
impact.</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face=""Arial","sans-serif""><br /></span><span face=""Arial","sans-serif"">Some of the
tech stocks have gotten to a point where I may actually start initiating a
small position. Believe it or not, I am thinking about Tesla.<br /></span><span face=""Arial","sans-serif""><span style="mso-spacerun: yes;"> <br /></span></span><span face=""Arial","sans-serif"" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022
Performance = -15.72% with the running monthly returns as follows:</span></span></div><div style="background: white; line-height: normal; margin-bottom: 0in; text-align: left;"><span style="font-family: inherit;"><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";"><br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">
January -0.68%<br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%<br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%<br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">April -4.41%<br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">May -2.90%<br /></span><span face=""Arial","sans-serif"" style="color: black; mso-fareast-font-family: "Times New Roman";">June -7.28%</span></span></div>
Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com2tag:blogger.com,1999:blog-10078714.post-65858652858265038892022-06-06T15:26:00.000-05:002022-06-06T15:26:07.837-05:00Turning Point Therapeutics & Anaplan<p>The arb game is starting to get interesting once again. I
really like the risk reward with Turning Point Therapeutics, which is being
acquired by Bristol Myers for $76 in cash via a tender offer. Bristol Myers is
good with the cash, and I really don’t see any regulatory issues with this
deal. Right now this is offering a mid-teens annualized return. Lots of ways to
play this via common and / or options.</p><p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal">I was very close to initiating a position in Anaplan last
week. I got lucky in holding off as Thoma Bravo just cut its price for Anaplan to
$63.75 from $66 per share in cash. I did not expect this at all. They are still
targeting a close by June 30<sup>th</sup>, but this deal is getting a bit hairy.
I can see a bunch of unhappy Anaplan shareholders. Will they vote Yes to the
revised deal? Probably… <o:p></o:p></p><p class="MsoNormal">I have a position in Turning Point Therapeutics and may play small with Anaplan.</p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com2tag:blogger.com,1999:blog-10078714.post-34194161987369593822022-06-02T13:06:00.005-05:002022-12-03T13:42:13.265-05:00May 2022 Performance<p><span face="Arial, sans-serif" style="font-family: inherit;">The volatility continues as my portfolio swooned to a small
loss for May, which I will take. I’ve been fortunate that my portfolio has not
taken a big hit from the recent decline. The volatility of the market is a
telling sign that there is a change in leadership from technology to the
natural resources. The techs are really tempting down here, but the market is saying
that the commodity sector is the place to be. I’m looking into scaling into
some oil plays at some point.</span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">I have not participated in any arb plays, but Twitter does look
interesting. There’s lots of noise in Twitter, but I can’t see how Elon gets
out of the deal. I can probably see a slight price reduction like the Tiffany
acquisition by LVMH, so the deal just gets across the finish line.<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">I continued to sell naked Puts to generate some income. The
option premiums have increased due to the market volatility, which is a positive
for option sellers. Of course, I’ve become more cautious and not go in big.<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;">So just trying to survive through this storm…<o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial",sans-serif" style="font-family: inherit; line-height: 115%;"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -9.10% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">February -6.00%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";">March +4.89%</span><span face=""Trebuchet MS",sans-serif" style="color: black; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">April -4.41%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">May -2.90%</span><span face=""Trebuchet MS",sans-serif" style="color: black; font-size: 9.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-65680726049686422852022-05-01T19:01:00.004-05:002022-12-03T13:42:34.460-05:00April 2022 Performance<p></p><p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Talk about a rough start to the year… I’m just glad that I am
surviving this turmoil without any significant blowups. I do have a blowup in
Gingko Bioworks with another -29% decline in April, but I knew what I was
getting myself into and this is a relatively small position. Ginkgo Bioworks is
executing well so declines of this magnitude has no impact on my longer term
view of this company. I’m very impressed to see how far this company has
progressed from their initial pitch at Y Combinator. I’ll be very patient with
Gingko Bioworks. This market correction has a little feel of the 2000 decline,
but just a tiny version of that. Corrections are healthy for the market so this
will eventually pass.</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";">I’m currently not involved in any merger arb plays. I’m still selling
out of the money Puts on some volatile tech stocks such as Tesla. The premium
is nice, but it can get hairy very quickly. I’m playing much more
conservatively by not leveraging up too much.</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";">So just waiting for the market to stabilize before even considering
buying anything. No need trying to catch a falling hatchet…</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><br style="mso-special-character: line-break;" />
<!--[if !supportLineBreakNewLine]--><br style="mso-special-character: line-break;" />
<!--[endif]--></span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";">2022 Performance = -6.39% with the running
monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";">February -6.00%</span><span face=""Arial",sans-serif" style="color: black; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; line-height: 115%; mso-fareast-font-family: "Times New Roman";">March +4.89%</span><span face=""Arial",sans-serif" style="color: black; font-size: 9.5pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p><br /><p></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0tag:blogger.com,1999:blog-10078714.post-77818748299839510612022-04-04T19:39:00.001-05:002022-12-03T13:42:51.835-05:00March 2022 Performance<p><span face="Arial, sans-serif" style="background-color: white; font-family: inherit;">March turned out decent for a change. I can once again thank Apple
for pulling the portfolio through. Never in my wildest dreams that Apple could approach
a market cap of ~ $3 trillion, but here we are. There were so many times I thought
about selling but decided to just hang on tight. Apple has morphed into my
largest position.</span></p><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-color-alt: windowtext;"><br /></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-color-alt: windowtext;">I continued to sell put options to generate some income. I’ve
become much less aggressive as the market continues higher. The premiums are
really nice during a correction so that’s a good time to put on aggressive positions.
With the market back in rally mode, it’s better to play it safe.</span></p><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-color-alt: windowtext;"><br /></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-color-alt: windowtext;">Constellation Brands reports this week, so I’ll be looking for any
hints about a merger with Monster Beverage. In terms of earnings, I think I’ll
be so so… with cautionary chatter about inflationary pressures with raw
materials, labor, transportation, etc.…</span></p><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-color-alt: windowtext;"><br /></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">This market is really holding
up well in face of high oil prices, war, inflation, higher interest rates, etc.…
Just have to think of how much worst can it get? After all the market is a
discounting machine so maybe a rally is in order?<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="background: white; color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="font-family: inherit;"><span face=""Arial",sans-serif" style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">2022 Performance = -2.07% with
the running monthly returns as follows:</span><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><br />
<br />
January -0.68%<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; font-family: inherit; mso-fareast-font-family: "Times New Roman";">February -6.00%<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span face=""Arial",sans-serif" style="color: black; mso-fareast-font-family: "Times New Roman";"><span style="font-family: inherit;">March +4.89%</span><o:p style="font-size: 10pt;"></o:p></span></p>Money Turtlehttp://www.blogger.com/profile/04598934673593714369noreply@blogger.com0