Bud's Poem Page
  Katie's Route 66 Blog
  Katie's Coast2Coast Blog
  Katie's West Coast Blog
  Katie's East Coast Blog
Lemley Yarling Management Co
309 W Johnson St
Apt 544
Madison, WI 53703
Bud: 312-925-5248

Comments on activity in client accounts

23 April 2021

We are heading to the land of milk and honey for our monthly sojourn with nature so the next post will be May 7.

Markets meandered and Bitcoin crashed this week as the treatment of capital gains as income for folks earning over $1 million a year in adjusted gross took the airways by storm on Thursday. Even though Biden proposed this last fall when running for President the talking heads decided they needed a new scare idea to drive viewership.

We've always thought that earnings from trading stocks or other assets whether over a day or five years should be taxed at regular rates. Folks get up in the morning, drive thru traffic to work, stand or load or serve or call all day long with no rest, drive or take public transit home and pay ordinary rates on their income. Folks who sit home listening to music and making a trade now and if they earn, they pay a much reduced tax rate. That doesn't make sense.

Anyway, this discourse will fade and the sell in May and go away axiom will soon be the talking point.

We have readjusted portfolios again and hopefully we will be content with our diversification and ownership.

During the week we reduced our ownership in Macy's by buying and selling shares for scratch gain, reduced Bed Bath, Sold GE, took a loss in Ark Financial, reduced Canadian Solar, bought AT&T on good earnings numbers, bought Huntington Banks with a 4% yield, and repurchased Intel and Verizon.

We currently own Western Digital, Gilead, Intel, Verizon, Canadian Solar, Viacom, AT&T, Jets (airline ETF), Bed Bath, Apache oil, Macy's, Huntington Banks, and Ford.


The repose of the nation cannot be secure without arms, armies cannot be maintained without pay, nor can the pay be produced without taxes.


The same goes for roads, bridges, internet, child care, medical care, air travel, and climate. Taxes provide for societal not individual needs.


16 April 2021

Markets continue to grind higher and we continue to adjust portfolios to participate while maintaining sufficient cash.

Bed Bath dropped a day ahead of earnings and we re-established a position because we have been profitably trading the shares this year. Earnings were good but not good enough and the shares wound up dropping 20% on the week. With the drop we were able to establish a nice position in the shares and expect to do well over the near term. We switched Verizon at a plus scratch if the dividend is included to AT&T which reports earnings next week. We expect a positive report. We switched XLK at a scratch profit to ARKK and ARKF as we continue to profitably (so far) speculate in these very volatile issues. We sold Merck (plus scratch), Wells Fargo (third trading profit of the year and First Solar (scratch).

We finish the week 60% cash and positions in IBM, ARK, Jets (airline ETF), AT&T, Canadian Solar, Viacom, Bed Bath, Macy's, GE, Ford.

Nothing is so hard for those who abound in riches as to conceive how others can be in want.

(Jonathan Swift)


9 April 2021

As is obvious from our rapid and unprofitable trading of the past few weeks we are conflicted as to the direction of the markets and the risk involved in holding positions.

There are so many warning signs- Bitcoin; NFTs (selling computer images); baseball cards selling for $3 million, Shopify cheap at 300 times earnings since it’s priced at $1233 down from $1500; and on and on.

On the other hand, AT&T yields 6%; Verizon 4%, and Merck 3.5% and are priced at 12 times earnings. The problem with holding value stocks in overpriced markets is that last March value stocks dropped as much as the goofy priced stocks and we continue to foresee a reckoning at some time this year.

And so, we hope to get better control of our greed and thus our trading. We end the week owning XLK (the tech ETF which is 20% Apple and 20% Microsoft), IBM, Box, AT&T, Verizon, First Solar, Canadian Solar, Viacom, Merck, XLE (domestic oil ETF), Apache Oil, Macy’s, GE and Ford.

Happy April showers.



Comments on activity archives



This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Website Information

Check the background of this firm at https://brokercheck.finra.org/

For Information on RBC LLC SIPC and Excess SIPC protection https://www.rbcwm-usa.com/legal/rbc-cs/cid-319579.html.

For those clients of LY & Co and other interested persons the Quarterly Report on the routing of customer orders under SEC Rule11Ac1-6.
For Quarter Ending 09/30/2002 For Quarter Ending 12/31/2002 For Quarter Ending 03/31/2003
For Quarter Ending 06/30/2003 For Quarter Ending 09/30/2003 For Quarter Ending 12/31/2003
For Quarter Ending 03/31/2004

All SEC Rule11Ac1-6 Quarterly reports up to March 2, 2012 may be found by visiting the diclosures at LY& Co Clearing Broker Mesirow Financial at: http://www.tta.thomson.com/reports/1-6/msro/.

From March 2, 2012 forward all SEC Rule11Ac1-6 Quarterly reports may be found by visiting the website https://www.rbcwm-usa.com/legal/rbc-cs/cid-360855.html.

Annual offer to present clients of Lemley Yarling Management Co. Under Rule 204-3 of the SEC Advisors Act, we are pleased to offer to send to you our updated Form ADV, Part II for your perusal. If any present client would like a copy, please don't hesitate to write, e-mail, or call us.

A list of all recommendations made by Lemley Yarling Management Co for the preceding one-year period is available upon request.

Business Continuity Plan


309 W Johnson Street Apt 544 Madison, WI 53703 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.