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), 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), and Cameco (CCJ) shares (Jan 2012 22.5 at $1.60) with a cash coverage requirement of about 103.13% 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 Microsoft (MSFT) at $26.23 with 8% of portfolio on 11/7/2011.
- Added Market Vectors Etf Gold Trust (GDX) at $62.69 with ~2% of portfolio on 11/7/2011.
- Added Spider Gold Trust (GLD) at $173.56 with ~2% of portfolio on 11/7/2011.
- Diebold (DBD) Shares worth ~1.5% of portfolio were assigned to us at $35 as our cash-covered put position on Diebold (May 2012 35 written at $3.40) expired with the stock trading well below $35.
The cash coverage requirements on the open puts account for 103.13% of our cash position. The cash position in our portfolio is at around 18.59%. We added a very significant 8% position in Microsoft and a 4% position in Gold during the month. We previously did an analysis on MSFT and concluded that it is significantly undervalued compared to our fair value estimates and have short-term catalysts that could narrow the gap. The gold position is a hedge against inflation and global currency devaluation.
Below is our updated portfolio – the overall portfolio is slightly in the green for the year and well ahead of our cost-basis:
Below is a summary of transactions during the year:
Below is our updated portfolio – the overall portfolio is slightly in the green for the year and well ahead of 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), 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), and Cameco (CCJ) shares (Jan 2012 22.5 at $1.60) with a cash coverage requirement of about 103.13% 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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