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Lemley Yarling Management Co
309 W Johnson Street
Apt 544
Madison, WI 53703
Bud: 312-925-5248

Comments on activity in client accounts

Year End 2017

We ended the year still down in most accounts but much improved from November. We expect our stocks to rally in the New Year as selling pressure abates.

We sold Target for a nice 20% gain during the week and repurchased Deutsch Bank. We want to own a financial stock and we own enough retailers.

Happy New Year.

22 December 2017

As the year winds down our accounts continue to recover. During the week we eliminated Marathon Oil choosing to concentrate on Devon and Apache in the coming year. We also sold Deutsch Bank and reinvested the MRO and DB money in shares of stocks we already own.

Rite Aid








In other news:

The price of bitcoin tumbled sharply Friday in Asia, wiping one-fourth of its market value in the past 24 hours alone, as a wave of selling hit the broader cryptocurrency market just before the Christmas holiday weekend.


at&t says it will distribute $200 million to workers to celebrate the passage of the tax bill. When you have a $100 billion merger that the Trumpster is opposing- at stake- such an action may help.



15 December 2017

We realized a nice trading profit in at&t and will look to reenter if the soap opera send the shares lower in the New Year. We added to other positions with the money from the at&t sales but didn't add any new issues.

Our holdings mentioned last week remain the same.

Accounts have improved but are still down for the year. There seems to be some migration to value which has benefited us and we remain positive on the markets for at least the next few months. There may be some profit taking early in the New Year but we continue to expect the resolution of the at&t soap opera to mark the top. The Disney/Fox merger of assets presents on conundrum for the Justice Department's opposition to the at&t/Time Warner merger. But never let it be said that consistency in decisions cannot be overridden politics. The Trumpster loves Fox and hates CNN.

Surprise- first positive comments on Under Armour in a while- but not yet a stampede.


8 December 2017

The markets meandered higher this week. Our accounts did also although not as much since Ascena decided to retreat on earnings news. We have been adding and readjusting accounts with the same issues we own which are;

at&t, Macy's, Target, Ascena (Ann Taylor. Lane Bryant, and Justice), Dicks Sporting Goods, Abercrombie, Chico's, UnderArmour, Hain Celestial, Merck, Celgene, Ulta Beauty(purchased this week in a few accounts), Walgreen Boots, Rite Aid, Deutsch Bank, Marathon Oil, Apache Oil, Devon, Haliburton, General Electric, Ford, Juniper, Hewlett Packard Enterprises, AMD (added this week) and 3D.

Bitcoin remains the topic du jour and futures trading begins on Sunday night which will allow the big boys and girls to short the item. Bitcoin is an accident waiting to happen.

A good aspect of the frothy trading is that Bitcoin has absorbed a lot of the speculative frenzy that might have been directed towards stocks and since it is merely a gambling tool al Las Vega on a computer the overall effect of its trading action should not affect the stock market. When futures begin trading if JP Morgan and Goldman Sachs et al let the big boys and girls in on the action the danger to the markets will surely increase. Below are various articles. We are stressing this activity because it is a maybe future not present worry.


Under Armour:




We have some barn cats we will provide for much less cost.



1 December 2017

Our accounts recovered a bit during the week even as Tech and Concept stocks endured some selling and some of that or new money seemed to move to depressed value stocks and oversold retailers.

We did switch our XOP holding to Devon and Apache as oil continued to move higher on news that OPEC is going to continue to restrain production to absorb the glut that was created last year when the Saudis began pumping all the could.

Other that those actions we continue to adjust accounts and will be repurchasing some of the issues we sold November 1. All have reported earnings and we have a better handle on their near term outlook.

Rite Aid popped on news that the transfer of stores to Walgreens is proceeding and should be completed by spring.


Under Armour



New Fed Chief on Bitcoin:

"We are watching all of those technologies. It's something we have to do, I think, and it's something that's actually enjoyable and interesting to do. "

This is the fellow charged with protecting money. Reminds of Greenspan claiming the tax cut was OK in 2001 because the government needed to have debt (T bills and T bonds) for banks and folks to buy.

An accident waiting to happen: There is no value to bitcoin except as a betting mechanism. As long as banks and major investment firms don't get involved, the systematic danger doesn't exist. But when have banks and the big boys and girls ever resisted the temptation to skim profits from the little guys and gals?












Comments on activity archives



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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.