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Lemley Yarling Management Co
15624 Lemley Drive
Soldiers Grove, Wi 54655
Bud: 1-800 BLEMLEY (253-6539)       Kathy: 1-800-793-3665

November 21, 2014

Model Portfolio Value As of 21 November 2014

$ 756,887


Comment on Model Portfolio activity

During the week we repurchased DreamWorks, switched Cisco with a profit to Juniper and added to Sprint. We also had a quick and profitable one day trade in Urban Outfitters.

China cut interest rates on Friday which gave the meandering markets a boost. With Thanksgiving next week (usually an upper) the downward correction we were looking for has probably been delayed if not eliminated for the year.

We remain cautious as the stocks leading this move remain the no earnings wonders.


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November 14, 2014

Model Portfolio Value As of 14 November 2014

$ 753,554


Comment on Model Portfolio activity

During the week we repurchased our Abercrombie position down $6 for where we sold the week before. We also added Cisco on a decent earnings report and more Sprouts. We took a loss on JC Penney ahead of earnings and we are hopefully out of that thrice burning name for the duration of our lifetime.

Markets remain firm and Oil weak never to return to $100 a barrel. Right. The taking heads now propound that low oil prices are bad for the economy. Only folks driven to work in limos they donít pay for would take that view.
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November 7, 2014

Model Portfolio Value As of 7 November 2014

$ 750,193


Comment on Model Portfolio activity

We raised cash Thursday after the meager post-election pop. The pattern for the majority of the last ten years has been that after the rally off the October lows another test occurs mid-November to mid-December. We may be being too cute but we donít think we are risking much gain to increase our buying power at this time.

The October lows were made in the media nonsense rage over Ebola killing everyone, ISIL invading the U.S. through Mexico, Russia taking over Ukraine and the European Common market going down the drain.

Could that have been election hype-scaring?

The reality is the markets are at an all-time high; Unemployment is 5.8%; the annual budget deficit is shirking; and Europe and Japan are even lowering interest rates with Japan buying stocks. Too bad.

And so our guess is that normal market trends my control for a while.

During the week we took a very nice profit in Whole Foods making almost enough money to afford at least one shopping trip. We also avoided disaster in Abercrombie by luckily selling at a wash loss the day before the company announced same store sales down 12% for the quarter. We traded Sprouts Food Market by selling the day before earningís and buying back lower the next day. We had a small profit on the trade. We sold Huntington, Alcoa, GM common and Juniper for varying gains.

We may be repurchasing some of them if the markets allow at some point in the next month.
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15624 Lemley Drive Soldiers Grove, Wi 54655 1-800-793-3665
The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any representation as to accuracy or completeness or otherwise. From time to time the Lemley Letter, or one or more of its officers or employees, may buy and sell as agent the securities referred to herein or options relating thereto, and may have a long or short position in such securities or options. This report should not be construed as a solicitation or offer of the purchase or sale of securities. Prices shown are approximate. Past performance is no indication of future performance.