Following are the activity from the previous month:
We have cash covered puts written on Click Software (CKSW) shares (May 2012 7.5), Applied Materials (AMAT) shares (Apr 2012 10), Wells Fargo (WFC) shares (April 2012 22), Applied Materials (AMAT) shares (April 2012 1), Ameritrade (AMTD) shares (Feb 2012 14), Weyerhaeuser Company (WY) shares (Jan 2012 20 at $2), Cisco (CSCO) shares (Jan 2012 20 at $2.64), Berkshire Hataway (BRK.B) shares (Jan 2012 75 at $7.15), H&R Block (HRB) shares (Jan 2012 10 at $1.60 and 12.5 at $2.30), Alcoa (AA) shares (Jan 2012 15 at $1.70), Cameco (CCJ) shares (Jan 2012 22.5 at $1.60), and Diebold (DB) shares (Nov 2011 35 at $3.40) with a cash coverage requirement of about 69.50% of our cash position.
Our watch list follow – Automatic Data Processing (ADP), Amgen (AMGN), Air Products & Chemicals (APD), Brown-Foreman (BF-B), Bemis Company (BMS), Canon (CAJ), Church & Dwight Company (CHD), Canadian National Railway (CNI), Cresud (CRESY), Darden’s Restaurants (DRI), Emerson Electric (EMR), Giant Interactive Group (GA), Kaman Corporation (KAMN), Coca Cola (KO), McGraw Hill (MHP), 3M Company (MMM), PepsiCo (PEP), Teva Pharmaceuticals (TEVA), VF Corporation (VFC), and Whirlpool (WHR).
- Added 400% more to our Vonage (VG) holdings at $2.55 on 10/05/2011.
- Liquidated our positions in LDK Software (LDK) at $3.01, Frontline Limited (FRO) at $4.84, Gol Linhas (GOL) at $5.56, Central Europe and Russia Fund (CEE) at $28.72, and NutriSystem (NTRI) at $11.78 on 10/3-5/2011 for a net loss of 4.5% compared to the overall portfolio value.
- Liquidated our K12 Inc (LRN) holdings at $32.37 for a slight gain on 10/19/2011.
The cash coverage requirements on the open puts account for 69.50% of our cash position. The cash position in our portfolio is at around 31.66%. As the stock market corrected, we liquidated some positions while adding significantly to our Vonage (VG) holdings. It now accounts for about 4% of our portfolio. The stock is trading at a significant discount to our fair value estimates and has some short-term catalysts.
Below is our updated portfolio – the overall portfolio is around 3% in the green compared to our cost basis:
Below is a summary of transactions during the year:
Below is our updated portfolio – the overall portfolio is around 3% in the green compared to our cost basis:
Below is a summary of transactions during the year:
We have cash covered puts written on Click Software (CKSW) shares (May 2012 7.5), Applied Materials (AMAT) shares (Apr 2012 10), Wells Fargo (WFC) shares (April 2012 22), Applied Materials (AMAT) shares (April 2012 1), Ameritrade (AMTD) shares (Feb 2012 14), Weyerhaeuser Company (WY) shares (Jan 2012 20 at $2), Cisco (CSCO) shares (Jan 2012 20 at $2.64), Berkshire Hataway (BRK.B) shares (Jan 2012 75 at $7.15), H&R Block (HRB) shares (Jan 2012 10 at $1.60 and 12.5 at $2.30), Alcoa (AA) shares (Jan 2012 15 at $1.70), Cameco (CCJ) shares (Jan 2012 22.5 at $1.60), and Diebold (DB) shares (Nov 2011 35 at $3.40) with a cash coverage requirement of about 69.50% of our cash position.
Our watch list follow – Automatic Data Processing (ADP), Amgen (AMGN), Air Products & Chemicals (APD), Brown-Foreman (BF-B), Bemis Company (BMS), Canon (CAJ), Church & Dwight Company (CHD), Canadian National Railway (CNI), Cresud (CRESY), Darden’s Restaurants (DRI), Emerson Electric (EMR), Giant Interactive Group (GA), Kaman Corporation (KAMN), Coca Cola (KO), McGraw Hill (MHP), 3M Company (MMM), PepsiCo (PEP), Teva Pharmaceuticals (TEVA), VF Corporation (VFC), and Whirlpool (WHR).
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