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$BALT

Sold The Entire BALT Position +15.6%

I sold out the entire BALT position for $6.22, a 15.6% gain. I followed the Fly into the position in December.

However, I have learned over the years not to get attached to positions that didn’t originate from my own ideas. This was the Fly’s grunt work, and while I liked the position when I did my own inspection of it, and am quite pleased with the gains, it doesn’t necessarily fit into the larger picture I’m painting here. There are bound to be blind spots I have to its intimate nature, and the variance it exhibits probably won’t mesh well with my other holdings.

With the market slowing down here, this adds 12% to my cash position, and is generally the right move.

I hope those of you still in BALT make a killing. Let it run to $10.

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First Of The Year Portfolio Drawdown

It’s nothing too severe – less than 1% – but I’m getting wacked to start off 2014 nonetheless.

The selloff in my account is led by HCLP, as mediocre fund managers caught padding their positions, trying to save their unspectacular careers, let go the Potemkin equity stakes.

Silver caught a nice bounce into the first of the year, but we have been here before, have we not? I’m mentally prepared for silver to go to $0.00…being shelled out for free at every street corner. Why not? It has no utility, after all…excluding all its utility.

My positions are AEC, MAA, NRP, HCLP, BAS, CCJ, RMCF, UEC (small), BALT, physical silver, and some TSLA puts (a third of which are about to expire worthless on the 18th of this month).

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