No. of Recommendations: 3
Nov 2012 ended up being a reasonable month overall for the port. It didn't seem like it would
based on the first ten days, but some buying and bounces from MEMS and KCG changed things quite a
bit. Now, I have to figure out the plan for this final month of 2012.

1. Fiscal cliff & possible higher taxes- took the opportunity to add to PGP, GNI, SO in Nov. Those
have had varying degrees of bounce. Was watching the BDCs, but none of them offered really compelling
reasons to add.
2. Tanker basket has 7 ideas- 3 positive, 4 negative. Overall, about 1.4% gain (exc. dividend).
But it should be mentioned that more than half the cost basis were purchases made in Nov.
3. JF and the accelerated dividend payout plan in SFL, GLNG and SDRL made things slightly complicated.
Will those ideas sell-off after the respective ex-dividend dates this coming week? I mean, the three
companies potentially not having another payout for 5 months might cause shareholders to exit.
4. The two M&A ideas- MEMS and KCG. Two years ago, I cashed in an acquisition idea before the
offer was final. It got bid higher, and I lost out on the additional hike. Is MEMS worth more than
$4/sh (25% higher than current offer)? Probably. Worth the risk of holding? Yes.
KCG is a little trickier- Are the two suitors looking at the entire company, or just the market-making
portion? If not the whole firm, does the company management decide how much the shareholders get?

Grr! The CBK missed opportunity continues to keep poking at me- now close to a 300% gain in
5 months :( A major take-away from this idea is that I will definitely be open to looking at ideas
in retail. At least, more so than I was prior to the pick.
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