Lemley Yarling Management Co
309 W Johnson Street
Madison, WI 53703
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.
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.
We have some barn cats we will provide for much less cost.
Comments on activity archives
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