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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

September 26, 2014

Model Portfolio Value As of 26 September 2014

$ 749,387

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

Model Portfolio Value As of 19 September 2014

$ 757,535

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 passťí; 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. Didnít 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 thatís what keeps us human.

Happy Fall- the season not the markets- we hope.



September 12, 2014

Model Portfolio Value As of 12 September 2014

$ 754,046

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 menís 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 doesnít occur soon we may run up into year end next year ala 1985, 1986, 1987.



September 5, 2014

Model Portfolio Value As of 5 September 2014

$ 755,745

Comment on Model Portfolio activity
Still Travelin', back next week.


































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309 W Johnson Street Apt 544 Madison, WI 53703 312-925-5248
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