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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

September 12, 2014

Model Portfolio Value As of 12 September 2014

$ 754,046


Comment on Model Portfolio activity

We have retuned from the Badlands of South Dakota (fantastic) and the Grand Canyon (ditto) and avoided the flash floods in Arizona and New Mexico (in between) to find the markets meandering at new highs with little conviction of whether they will go higher or lower.

Upon our return we read this article from the NYT which gives us pause:

What will $1 million buy in New York City? A diamond-encrusted Cartier men’s watch. A small fleet of 2014 Bentley Continentals. Or maybe your very own parking spot in SoHo.

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.

The million-dollar parking spots will be offered on a first-come-first-served basis to buyers at the 10-unit luxury apartment building being developed by Atlas Capital Group at Broome and Crosby Streets, itself the former site of a parking lot. At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow.

So instead of a 5,000-square-foot house with a wine cellar in Dallas or a 3,500-square-foot home with a sauna in Seattle, one could choose 150 square feet in the basement of 42 Crosby, a condominium designed by the architect Annabelle Selldorf.

Our first thought is that it would be cheaper to hire a limo than lease a parking space. Our second is that the parking spaces will probably sell out.
*****

 When we returned we added to our Verizon; repurchased Whole Foods, DreamWorks, Coach and Cree (the LED makers) and one day traded Sprint for a ten percent gain.

If the correction doesn’t occur soon we may run up into year end next year ala 1985, 1986, 1987.
*****

September 5, 2014

Model Portfolio Value As of 5 September 2014

$ 755,745


Comment on Model Portfolio activity
Still Travelin', back next week.
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For those clients of LY& Co and other interested persons the Quarterly Report on the routing of customer orders under SEC Rule11Ac1-6.
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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.