Equity Portfolio Activity for the week ended April 15, 2016

Equity Portfolio as of April 15, 2016

Commentary:  All last week through Thursday I sat on my hands and did nothing.  On Friday, I once again made the decision to take more gains off of the table and below you will see some of the companies that I sold.  I am frustrated by the conflict of the technical behavior (confirming the advance) to the fundamental value of the market (expensive).  I just cannot buy equites now without feeling as though I am taking on too much risk vs the potential reward.  The market is behaving as if strong revenue and earnings growth is coming and I am doing my darndest to try and see it.  Maybe I need new eye glasses.  Best if I just go for a run around the Central Park reservoir and let the mind float as I seek a catalyst to get me more in rhythm with the movement of the market.  Happy with what I own and very optimistic for the longer term returns, but right now the best counsel is to be patient and ready for the meaningful opportunities that the future will offer.

Good Luck and have a great week!

New Additions

  1. None

Increase in Holdings

  1. None

Complete Dispositions

  1. Navigant Consulting – Closed position

Partial Decrease in Holdings

  1. Brocade Communications – Reduced position
  2. GreatBatch – Reduced position
  3. Greenbrier – Reduced position
  4. Nucor – Reduced position
  5. Olin Corp – Reduced position
  6. Synaptics – Reduced position

 

Overall Equity Portfolio holdings 

  1. Alamos Gold
  2. ASA
  3. Arm Holdings
  4. Alibaba
  5. BB&T Corp
  6. Brocade – Reduced position
  7. Brookfield Total Return
  8. Chevron
  9. Con Ed
  10. Costamare
  11. CISCO
  12. Corning
  13. Disney
  14. Eastman Chemical
  15. Endo Int’l
  16. Ericsson
  17. First Solar
  18. Ford
  19. Frontline
  20. General Electric
  21. GLD
  22. Golar LNG
  23. GreatBatch – Reduced position
  24. Greenbrier – Reduced position
  25. Halliburton
  26. Hecla Mining
  27. Hershey
  28. Ingredion
  29. JP Morgan
  30. Matson
  31. Microsoft
  32. MTN Group
  33. Navigant Consulting – Closed position
  34. New Gold
  35. Nokia
  36. Nordic American Tanker
  37. Norfolk Southern
  38. Nucor – Reduced position
  39. Olin Corp – Reduced position
  40. PayPal
  41. Phillips 66
  42. Qualcomm
  43. Reaves Utility Income Fund
  44. Synaptics – Reduced position
  45. Ten Cent Holdings
  46. Travelers
  47. Twitter
  48. Viacom
  49. Wells Fargo
  50. Yum! Brands
  51. Zimmer Biomet Holdings

Author: Thomas Connolly

Tom possesses a rich and diverse background that includes deep investing experience, senior corporate executive positions, and roles as a Regional Managing Partner and Global Industry Leader within Ernst & Young. He has advised executives on some of the largest acquisitions and dispositions in the Media and Entertainment industry, including clients such as Comcast, Citibank, Sony, Dalian Wanda and Publicis. Tom is a Certified Public Accountant with a Masters Degree from Columbia University. His skills are further accompanied by a personal passion for the study of economic trends and evolving market dynamics.

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