I wanted to hit the ground running and dunk shot with MRVL. Before earnings disappointed this evening, I was sitting at my annual highs. Just last week I was contemplating making MRVL a 20% position, until I got cold feet.
Where did the unmarvelous idea of MRVL come from?
It came from a source of mine, who has been useful and resourceful to me in the past. I didn’t do the research, but trusted he did. Apparently, he was wrong, and by extension, so was I.
In hindsight, what was I to do? Should I have ignored his advice, even thought he’s never let me down in the past? He’s served me well in the past, but will now become excommunicated from the House of Fly. I will move on from MRVL and do well. At 12% of my holdings, I am looking at a 1% draw down from my assets in the AM. Given the current state of the market, I might make a good deal of that back in my other positions. Either way, my confidence is not shaken, not in the least.
My EL position was 10% of assets and it ran +6 on an earnings beat earlier this week. Net, net, I am fantastically up for the year (no homo).
Where will I make up the staggering 1% loss from my assets tomorrow?
Well, I have 10% positions in the following:
DECK, EXK, VHC, CTRP and my little TEA is nearing that level soon. Pick one; they’re all going higher.
This is what we do. The business of speculation is never seamless and “sure things” often turn into marvelous jokes.
We move on.