No. of Recommendations: 0
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 in
this 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 means
as 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 11
2. SO
4. VZ
5. PGP
6. GNI
7. KCG
9. TNK
10. NNA
11. TSU

Lessons learned, or almost learned
1. Revisiting existing ideas: PPP, NRGY, MEMS, PGP, CBK (almost) were great replays

2. 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 since

3. 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 can
a 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 instead
of taking the $88 (a 22% gain in three months). Flip side to this was GMLP, offer was $26.20
and 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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