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No. of Recommendations: 7
I'll play too.

2006 resolutions, hopes and such.

1. try to eliminate short positions. Although this has been extremely profitable for me and gives a hedge to my longs, I am uncomfortable with the tax consequences (short sales are always treated as short term gains.

2. try to keep my sales at a minimum and reduce turnover. My turnover is already fairly low. I have never fully calculated, as I discovered and confirmed with Captools that they do not use the CFA method. My guess is that turnover of my common stocks is around 30%, my fixed income positions turnover much more frequently. I expect and hope that stays the same. I am hoping that my turnover of stocks becomes consistently less than 10 - 20 % . My research will dictate the turnover, and I will not hold a stock, only because of a desire to have low turnover. I have compiled my top 3 positions. Two of them are new positions(1. MSFT and 2. TWX). Numbers 3, 4 and 5 are positions I have held for at least several years. (3) AA and (4) CIEN have been followed for years by me.

3. Keep reading and learning

4. most importantly, keep doing what i am doing. I am feeling real good about my research and my portfolio management. Actually, I hope I am not jinxing anything, but I have never been more comfortable with my research and execution. I think I am an investor who knows "thyself."

5. get out more. feel the companies I invest in. See the companies in operation, or moreso get a feel for environment outside. I used to do a lot of site checks on some companies i followed. Over the years, I have been staying home more, keeping to myself and family. maybe that will change.

6. with that said, I hope to be a better father and a better husband. i think I am real good and successful at both, but i need to try harder. I just spent 4 days skiing with my 2 youngest. We had a blast, but i was often short fused and frustrated, forgetting that they are only little kids (7 and 11), nevertheless, we had a blast.

7. Increase assets under management - I guess that is what we all try to do. So far, so good, like all of us, I wish I had more, nevertheless, my asset growth has far exceeded my expectations over the last 6 years (low expectations i might add).

8. meet my charlie munger - cant rush those things, but i certainly wouldnt mind a partner in thought and such. yet, this has been a hope of mine for a decade.

9. follow the leaders - what i mean by this is to keep honing in on my style (not shifting, just refining and growing). I have learnt so much from studying Buffett, munger, liquid lounge, etc, etc. I learned about 15 years ago from listening to "Psychology of Success", by Brian Tracy the following. If you want to be successful, read an hour a day. Read about something you love in your career and focus on it. I am so thankful I did that. I lost sight of the hour a day, and made it probably an average of 40 - 60 hours a week. yet, no regrets, I'm having a blast. I feel like I am playing backgammon or Risk all day, and getting paid to do what I would do for fun anyway.

Following the leaders to me means, study the investors i admire and within my competence and just keep learning.

10. lastly, try to have as few positions in my portfolio as possible. I would ideally like to have 8 to 10 common stock positions. I currently have around 24 positions (some are small positions (1%). My largest holding is around 8% position, second largest around 7%, I have a handful or two at 5% and the rest are just hanging at 2 to 4%. Realistically, i could see my positions becoming less than 20 this year.

11. non business stuff - maybe start working out 2X a week in my gym (havent been there in a year) to complement my running habit. trying to ski 21 days this winter (im at 3 days right now), run a sub 4 hour marathon (yet, that is a long shot and not expected), maybe even go to omaha for the annual meeting, watch more movies, have more sex (only with my bride), drink more beer (my intake this year was terribly low), eat less, eliminate trans fats, get another cat, open up my mind for my political and philosophical learnings.


Peace everyone, happy , healthy and prosperous new year to all. heres to 2006.

ron





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