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Lemley Yarling Management Co
15624 Lemley Drive
Soldiers Grove, Wi 54655
Bud: 312-925-5248       Kathy: 630-323-8422

Comments on activity in client accounts

Halloween Weekend 2016

US gross domestic product grew at an annualized rate of 2.9% in the third quarter, its fastest in two years, according to the advance estimate released Friday.

Economists had forecast that the value of all the goods and services produced by the US rose by 2.6%.

The boost to US growth came from a jump in exports — mostly of soybeans — and inventories. Business investment in equipment, however, contracted for a fourth straight quarter.

Personal consumption, the key driver of growth, slowed to a growth rate of 2.1% from 4.3% in the second quarter, worse than the estimate for a slump to 2.6%. Some economists expect consumption growth to slow even more if inflation rises and eats into real income.

Core personal consumption expenditures, a measure of inflation that tracks prices paid without the volatility of food and energy costs grew by 1.7% (1.6% expected).

http://www.businessinsider.com/us-gdp-q3-advance-estimate-2016-10

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During the week we added Under Armour and Chipotle when they each dropped over 10% on disappointing third quarter numbers and forecast. UA only grew revenues at 20% for the quarter and CMG's same store sales remain in the doldrums. Both were purchased at multi year lows. We also added to our HAIN and XOP (domestic oil ETF) holdings.

We expect markets to meander until election then rally and then sell off into mid-December. We don't think we will be able to trade any moves and so we are purchasing with next year in mind.

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Under Armour, Inc. together with its subsidiaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. The company offers its apparel in compression, fitted, and loose types to be worn in hot, cold, and in between the extremes. It provides various footwear products, including football, baseball, lacrosse, softball and soccer cleats, slides, performance training, running, basketball, and outdoor footwear. The company also offers accessories, which include headwear, bags, and gloves; and digital fitness platform licenses and subscriptions, as well as digital advertising, as well as licenses its brands. It primarily provides its products under the UA Logo, UNDER ARMOUR, UA, ARMOUR, HEATGEAR, COLDGEAR, ALLSEASONGEAR, PROTECT THIS HOUSE, and I WILL, as well as ARMOURBITE, ARMOURSTORM, ARMOUR FLEECE, and ARMOUR BRA trademarks. The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through a network of brand and factory house stores, and Website. Under Armour, Inc. was founded in 1996 and is headquartered in Baltimore, Maryland.

http://finance.yahoo.com/quote/UA/profile?p=UA

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21 October 2016

We are back and not much occurred while we were gone. We repurchased Marathon in accounts.

There is talk that Viacom will merge with CBS although no premium is expected. We are going to hold the position at a loss for a while since the downside is controlled.

First Solar gained on hopes of expansion of solar projects if Clinton wins.

Wells Fargo continues to be pressured by negative news.

Ascena made a new low. We have traded successfully and position is small.

We are getting our land legs back and we continue to expect meandering till after the election.

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7 October 2016

During the week we took a nice trading profit in Marathon Petroleum as oil traded at $50 (the top end of the range for the last 6 months) and placed some funds in Whole Foods.

We are taking a few weeks to visit clients in the western U.S. As many of you know we believe that God made birds to fly and men/women to drive and so we will be exploring the cornfields of Iowa, the bean fields of Nebraska, the sunflowers of Kansas, the windmills of Colorado, the pueblos of New Mexico and the old folks in Arizona for the next few weeks. Kathy will be holding the fort and through the wonders of the internet we will be in touch with market happenings. We will return to post on 23 October.

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Good article in the New York Times about free trade. Finally someone mentions Smoot Hawley and The Great Depression.

http://www.nytimes.com/2016/10/06/opinion/campaign-stops/global-trade-war-trump-edition.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region®ion=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

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When Lands' End hired a woman from Dolce and Gabbanna and Ralph Lauren hired a Man from Old Navy to be respective CEOS we said the hires would have made more sense if they had been reversed.The Lands' End CEO recently bit the dust:

Epic fashion fail: How Lands' End tried to be young and stylish — and fell flat on its face

http://www.salon.com/2016/10/02/epic-fashion-fail-how-lands-end-tried-to-be-young-and-stylish-and-fell-flat-on-its-face/

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This is how Donald Trump's accountants and lawyers most likely used the tax code to avoid paying income tax for almost two decades.

http://www.thedailybeast.com/articles/2016/10/03/art-of-the-steal-this-is-how-trump-lost-916m-and-avoided-tax.html

David Cay Johnston.

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15624 Lemley Drive Soldiers Grove, Wi 54655 312-925-5248
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