Added To ETP – 35% Cash

I deployed 5% of my cash position, buying up shares of ETP for $60.15. This raises ETP back to a full 10% position on my book.

Why shouldn’t I? ETP is a winner. It’s going on a stealth September run, when everyone is afraid.

Added Back To CCJ – 5% of Assets

I brought my overall cash position to 40% from 45%, bringing CCJ back up to 15% of assets.

Uranium prices are still rebounding and Japan restarts are rumored to begin shortly. I am not missing out on this trade after owning it for so long.

40% is conservative enough.

Sold Entire NRP Position

In the spirit of tax loss selling and raising yet more cash for what I anticipate will be a nasty climate, I sold my entire position in NRP for $15.18. The cost basis of much of this position (before some profitable swing trading and distributions) was about $20, making the realized loss on the trade (24%).

That is alleviated partially by distributions (about 8% on the position collected over the year I owned NRP) and some profitable trading – the real net loss still stands a little north of 15%. As a percent of my book (from initial investment) the loss was roughly 1-2% of assets. This does not change my recent performance; year to date gains remain north of 15%, thanks to a very lucky batch of sell orders I made last week.

This was my worst performing investment and I’m happy to have scrubbed it off the books.

I do like NRP and the steps they’ve taken to diversify their operations. I think it pays off for them. But there are better places for my money right now…like my pocket.

Sold My Entire MAA Position

I sold out of MAA for $72.47. This was a legacy position from a CLP position I had that got acquired.

I’ll figure out what the percent gains were later (I need to check from CLP through the transfer, to the sales price of MAA).

I’m retaining AEC.

Uranium Prices May Have Finally Bottomed

I know, I’m sorry for the tap out title on this piece. It is spineless and cowardly. But I’ve gotten my hopes up enough times now, just to watch uranium prices breach new lows, that I will not tag along again.

It does appear, based on the very thinly traded reporting I have access to, that pricing for uranium fuel has increased dramatically in the past few weeks from around $28 per pound, to around $32 per pound.

This is of course nowhere near the $50 level it was at just a few short years ago. However, steps are to be taken incrementally. I want to see this hold up, then wait and see some more.

CCJ remains my only uranium play; I made a short trade in UEC for a wash earlier this year and decided the time was not right for the small miners.

My earliest prediction following the Fukushima Daiichi meltdown was that, if a V shape recovery could not quickly follow the price deflation, then at or around the three year anniversary would mark the recovery in nuclear fuel investments.

So far this year, those hopes have not been met. But there is still time; a few months later is not much off, and I could live with a year or two even…provided the rewards are rich enough.

Sold Completely Out Of PSEC – 7% Loss (Update)

I completely sold out of Prospect Capital Corporation in a rather gay four day about-face. This four days resulted in a 7% loss on the position which, thankfully, only resulted in a .35% loss to my book.

PSEC is a remarkably cheap, very interesting possible play that I would like to remain only a possible play.

In the future, I may – and in fact most likely will – revisit this position. But the more and more I think about it, the more I do not want a leveraged financial play that has recently expanded leverage by about 40% and openly admits to yield hunting… anywhere near my book right now.

Fall is coming, you fools. And the dreaded seven year mark is upon us.

Beware the number 7.

Update: I also trimmed 15% off of my HCLP position, which is up 188% over the past year. Just a little F-U money in case a buying opportunity should present itself.

I followed that with “hedge trimming” sales of everything else.

Cash stands at 35%

Added To ETP – 35% Cash

I deployed 5% of my cash position, buying up shares of ETP for $60.15. This raises ETP back to a full 10% position on my book.

Why shouldn’t I? ETP is a winner. It’s going on a stealth September run, when everyone is afraid.

Added Back To CCJ – 5% of Assets

I brought my overall cash position to 40% from 45%, bringing CCJ back up to 15% of assets.

Uranium prices are still rebounding and Japan restarts are rumored to begin shortly. I am not missing out on this trade after owning it for so long.

40% is conservative enough.

Sold Entire NRP Position

In the spirit of tax loss selling and raising yet more cash for what I anticipate will be a nasty climate, I sold my entire position in NRP for $15.18. The cost basis of much of this position (before some profitable swing trading and distributions) was about $20, making the realized loss on the trade (24%).

That is alleviated partially by distributions (about 8% on the position collected over the year I owned NRP) and some profitable trading – the real net loss still stands a little north of 15%. As a percent of my book (from initial investment) the loss was roughly 1-2% of assets. This does not change my recent performance; year to date gains remain north of 15%, thanks to a very lucky batch of sell orders I made last week.

This was my worst performing investment and I’m happy to have scrubbed it off the books.

I do like NRP and the steps they’ve taken to diversify their operations. I think it pays off for them. But there are better places for my money right now…like my pocket.

Sold My Entire MAA Position

I sold out of MAA for $72.47. This was a legacy position from a CLP position I had that got acquired.

I’ll figure out what the percent gains were later (I need to check from CLP through the transfer, to the sales price of MAA).

I’m retaining AEC.

Uranium Prices May Have Finally Bottomed

I know, I’m sorry for the tap out title on this piece. It is spineless and cowardly. But I’ve gotten my hopes up enough times now, just to watch uranium prices breach new lows, that I will not tag along again.

It does appear, based on the very thinly traded reporting I have access to, that pricing for uranium fuel has increased dramatically in the past few weeks from around $28 per pound, to around $32 per pound.

This is of course nowhere near the $50 level it was at just a few short years ago. However, steps are to be taken incrementally. I want to see this hold up, then wait and see some more.

CCJ remains my only uranium play; I made a short trade in UEC for a wash earlier this year and decided the time was not right for the small miners.

My earliest prediction following the Fukushima Daiichi meltdown was that, if a V shape recovery could not quickly follow the price deflation, then at or around the three year anniversary would mark the recovery in nuclear fuel investments.

So far this year, those hopes have not been met. But there is still time; a few months later is not much off, and I could live with a year or two even…provided the rewards are rich enough.

Sold Completely Out Of PSEC – 7% Loss (Update)

I completely sold out of Prospect Capital Corporation in a rather gay four day about-face. This four days resulted in a 7% loss on the position which, thankfully, only resulted in a .35% loss to my book.

PSEC is a remarkably cheap, very interesting possible play that I would like to remain only a possible play.

In the future, I may – and in fact most likely will – revisit this position. But the more and more I think about it, the more I do not want a leveraged financial play that has recently expanded leverage by about 40% and openly admits to yield hunting… anywhere near my book right now.

Fall is coming, you fools. And the dreaded seven year mark is upon us.

Beware the number 7.

Update: I also trimmed 15% off of my HCLP position, which is up 188% over the past year. Just a little F-U money in case a buying opportunity should present itself.

I followed that with “hedge trimming” sales of everything else.

Cash stands at 35%

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