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Lemley Yarling Management Co
309 W Johnson Street
Apt 544
Madison, WI 53703
Bud: 312-925-5248       Kathy: 630-323-8422

July 25, 2014

Model Portfolio Value As of 25 July 2014

$ 751,910

Comment on Model Portfolio activity

We added some earnings/revenues misses to our Coach position purchased two weeks ago. Xilinx, the chip company, dropped 20% and Juniper dropped 10% both on tepid forecasts. General Motors announced a $1.5 billion write-off and dropped 10% below our last sale price and we repurchased a tranche of the B Warrants. Finally we added Abercrombie for another trade and decided to take a chance on Whole Foods, priced at its two year low, on a positive or merely neutral earnings/revenues announcement on Monday next.

We are only 20% invested in the Model in good stocks. We await more earnings related opportunities and/or the 10% correction to put more dollars to work.



July 18, 2014

Model Portfolio Value As of 18 July 2014

$ 750,626

Comment on Model Portfolio activity

On Monday last Goldman raised its year-end target for the S&P 500 to 2050 from1900. Given that the S&P 500 was at 1975 that call was/is a no brainer.

During the week we closed out our AT&T position for a trading profit plus the quarterly dividend.

Our lone holding is Coach. Handbags anyone?

Jeff Sautís comment for this week (July 14-19)

Toward the end of last week I wrote, "I think the equity markets will remain on the defensive into week's end and then attempt a rally next week.  If in that attempt the SPX fails to achieve a new high, then the markets will become more vulnerable to the 10% to 12% decline called for by the historical odds sometime this year."  And this morning, on the better news tone from Israel, the preopening futures are better by six points.  So we will see if the SPX can indeed achieve a new all-time high.




If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too:
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or being hated don't give way to hating,
And yet don't look too good, nor talk too wise;

If you can dream---and not make dreams your master;
If you can think---and not make thoughts your aim,
If you can meet with Triumph and Disaster
And treat those two impostors just the same:.
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build'em up with worn-out tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings,
And never breathe a word about your loss:
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on!"

If you can talk with crowds and keep your virtue,
Or walk with Kings---nor lose the common touch,
If neither foes nor loving friends can hurt you,
If all men count with you, but none too much:
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And---which is more---you'll be a Man, my son!

Rudyard Kipling




July 11, 2014

Model Portfolio Value As of 11 July 2014

$ 750,002

Comment on Model Portfolio activity

Markets meandered this week in a continuation of the holiday action. A Portuguese bank failure riled markets for about 20 minutes on Thursday but that was it for any interesting action this week.

We continue to watch and watch.



July 4, 2014

Model Portfolio Value As of 3 July 2014

$ 750,595

Comment on Model Portfolio activity

We added Coach, the luxury retailer, during the week which is selling at half its four year high and yielding 4%.

We remain cautious but may trade a few earnings disasters in quality issues in the next month as third quarter earnings are reported.

Happy Fourth.

































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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.