September 26, 2014
Comment on Model Portfolio activity
We sold AT&T and Verizon for better than the
quarterly dividend gains during the week to raise a bit of cash. We also
added KB Homes which dropped to an 18 month low when revenues disappointed.
2% daily up and down market moves this week suggest that
stuff is going on. What stuff is the question? We maintain a comfortable cash
position and remain agnostic as to market direction.
*****
September 19, 2014
Comment on Model Portfolio activity
Markets were higher every day this week as never never go
down land fever continues to move stocks higher. Ukraine is passé’; Scotland said no; and abuse in the NFL is
now the topic of the month. Alibaba went public on Friday and is now worth
hundreds of billions. China
is no longer to be feared. Didn’t soothsayers opine the same about Putin a few
years ago? Instead the Congress is focusing on ISIL or ISIS - takes your pick- and ramping up its
bugaboo fears to hysteria levels. Hundreds of billions of dollars of spending
await the outcome.
We added Juniper, Alcoa (we got tired of waiting for the
pullback) and Ascena during the week. We still have a healthy cash position but
pullback time is rapidly dwindling and so we decided to place a more dollars at
risk; not always right but that’s what keeps us human.
Happy Fall- the season not the markets- we hope.
*****
September 12, 2014
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
Comment on Model Portfolio activity
Still Travelin', back next week.
*****
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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