Overall, Roth ac disappointed. Was too conservative with this account. The glaring one is that"shoulda-coulda-woulda" idea CBK. Leaving that aside, I seemed almost reluctant to invest inthis account at times. Perhaps it was the behavior of PBR's price, and the plunge of ORI after the spin-off was put on hold. Okay, there were whackdowns of both MEMS and TC also. I notice I was more methodical with purchases after Oct- TNK, more NGPC, KCG.Positives: Obviously, Primero (PPP) with a really nice gain in a few months. It ran higher,but that was the positive ruling on a tax issue (A plus, but I don't think it actually meansas much to PPP as the price reaction). NRGY was another good play, especially the double down. Finally, there was the SFL run-up in Sept to provide a nice gain.Top 111. SDRL2. SO3. PSEC4. VZ5. PGP6. GNI7. KCG8. MEMS9. TNK10. NNA11. TSULessons learned, or almost learned1. Revisiting existing ideas: PPP, NRGY, MEMS, PGP, CBK (almost) were great replays2. Shake-off a bad outcome: The OSG disaster could have tainted my tanker perspective.I didn't let it- TNK, NNA & FRO have been great additions since3. Patience: Waiting for the whack-down to settle before nibbles and bites on TNK & NNA.4. More diligence: My Spidey senses should have been active on the OSG dangers e.g. how cana company fail to resolve financing issues over a 10 or 11 month time-frame if it supposedly has a majority of its vessels unencumbered? OSG's complicated reporting style should have also been a hint.5. Being too greedy: GNI is a risky idea as a wind-down play. I held out for $90 insteadof taking the $88 (a 22% gain in three months). Flip side to this was GMLP, offer was $26.20and I set my limit @ $26.6. Understanding a sector: Exiting most tanker positions in early Sept was not perfect, but it was very, very timely. No gains or small gains is much better than major blood-letting in the port. Can I apply this to other sectors?Final results: Overall, 10.4% vs 10.2% account-blend target, and 16-ish% for S&P
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