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

September 27, 2013

Model Portfolio Value As of 27 September 2013

$ 701,152


Comment on Model Portfolio activity

During the week we sold JC Penney at a loss (see below) then bought it back lower on Friday and booked small profits in Aéropostale and Ascena Retail. We repurchased Abercrombie and added to American Eagle.

JC Penney has become a real soap opera. After Bill Ackman- the hedge fund genius who destroyed the company by installing a CEO who didn’t know retail- sold his position we thought the company would be able to turn itself around. We still think it will survive but the big boys and girls have turned the shares into a battlefield where the bulls and bears are fighting for short term results.

On Wednesday we decided to take our lumps and head to the sidelines to see what developed. On Friday the company offered $1 billion in shares to raise cash for corporate purposes. This gives JCP enough money to make it through the Holiday season.

Given our feelings of eventual recovery we bought back half our position on the Friday drop in price. The shares are obviously a speculation.
*****

September 20, 2013

Model Portfolio Value As of 20 September 2013

$ 706,865


Comment on Model Portfolio activity

With Taper news behind us-it continues- now the media mavens can focus on the scary debt ceiling showdown and the budget resolution. And maybe these gurus can create the panic necessary for the ten percent correct we have been waiting for all year. Or not.

During the week we sold a few issues as the markets made news highs. We sold not out of conviction regarding the individual issues other than they were the ones we least wanted to hold, but because we always do a bit of selling at new highs.
*****

September 13, 2013

Model Portfolio Value As of 13 September 2013

$ 704,004


Comment on Model Portfolio activity

We added to our JC Penney and GM B warrants, repurchased U.S. Steel and purchased Verizon. Large accounts are 25% to 35% invested with smaller up to 50%. We continue-for the most part- to add issues that have corrected 20% to 50% in the last few months.
*****

Bulls 37%, Bears 22%.
*****

 

 

September 6, 2013

Model Portfolio Value As of 6 September 2013

$ 699,896


Comment on Model Portfolio activity

We added to our AT&T and ARO and repurchased Microsoft when it dropped 10 % on news it was purchasing Nokia’s cell phone business for $7 billion. MSFT is using some of its overseas cash hoard which is won’t repatriate because of taxes. With interest rates at near zero it isn’t earning anything on the money so any earnings from the cell phone operation will be a plus. The gurus didn’t like the action –a plus- and with a 3% yield we think the changes coming at MSFT will eventually lead to much higher prices. PCs aren’t going away and MSFT has a stranglehold on the operating systems.

Unless it is money in his pocket:
Surrounded by corn and soybean farms — including one owned by the local Republican congressman, Representative Stephen Fincher — Dyersburg, about 75 miles north of Memphis, provides an eye-opening view into Washington’s food stamp debate. Mr. Fincher, who was elected in 2010 on a Tea Party wave and collected nearly $3.5 million in farm subsidies from the government from 1999 to 2012, recently voted for a farm bill that eliminated food stamps.
*****

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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