Equity Portfolio Activity for the Week ended August 12, 2016

Equity Portfolio as of August 12, 2016

Commentary: The large gains in the Gold and Silver mining equities have marginally exceeded the losses of the short hedges. I have debated reducing the short hedges but given the fact that by every measure I track and analyze, today’s market is priced at a level that offers limited gains from continued price increases. The market is at a level of extremes that pose great downside risk. Of course, emotionally motivated buying can continue to feed the rise in prices, but for this investor it is best to watch from the sidelines and to maintain hedges that will offset the impact of equity price declines. During the week, I modestly increased the short hedges.

Good Luck and have a great week!

New Additions

1. None

Increase in Holdings

1. First Solar
2. S&P September Put Options

Complete Dispositions

1. Alamo Gold

Partial Decrease in Holdings

1. Ultra Short VIX

Overall Equity Portfolio holdings

1. Alamos Gold – Closed position
2. ASA
3. Arm Holdings
4. BB&T Corp
5. Brocade
6. Brookfield Total Return
7. Chevron
8. Con Ed
10. Disney
11. Eastman Chemical
12. Endo Int’l
13. First Solar – Increased position
14. Ford
15. General Electric
16. Golar LNG
17. Halliburton
18. Harmony Gold Mining
19. Hecla Mining
20. Hershey
21. Ingredion
22. JP Morgan
23. Microsoft
24. New Gold
25. Nordic American Tanker
26. Norfolk Southern
27. Phillips 66
28. Pro Shares Ultra Short S&P 500
29. Pro Shares Ultra VIX Short – Decreased position
30. Qualcomm
31. S&P E-mini short futures
32. S&P 500 September Put Options – Increased position
33. Synaptics
34. Tetra Technologies
35. Travelers
36. Twitter
37. Viacom
38. Wells Fargo
39. Yum! Brands

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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