I cleared out of the other half of my APC shares today for $71.83. Two basic purchases, the first at $61.60 and the second at $64.06. I sold the first batch on 07/03 for $68.37. Both purchases were 5% of assets.
All these trades are cataloged within a reasonably short period of being made, in The PPT.
It’s not that I’ve stopped liking APC. I do still think they’re a great company. And maybe it would be better if I stop trying to overcompensate for their management; having instead just thrown back on the other 5%, and let the company do its thing.
But there’s enough going on in the world that I don’t want to own an oil company and do want to have extra cash on hand. I only bought this position to begin with because 1) APC was unreasonably distressed and 2) I was heavily short oil, so it sort of helped balance me out while deciding if I wanted to cover.
And of course, 12% profits on a trade inside of two months is nothing to sneer at.
Since the redemption of my oil trade, my account has trended sideways. I’m up 18% for the year, but still well off my old highs.
AEC, CLP, and CCJ are my only stocks. I sold my 5% ERY position for a 10% loss the other day. I expect each of them to double. No, more, I resolutely demand it.
Cash stands north of 36%.
That’s all from the 9th floor for this week, friends. God bless.
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nice one
Thanks Chess