Sold UEC, SLW, Partial Sales of CCJ, HCLP

This morning:

I completely sold out of UEC (5% cash raise).

I completely sold out of SLW for +5% (11% cash raise)

I then sold down CCJ and HCLP (my two remaining largest positions) until my cash position was 25%.

HCLP remains my largest and most successful position this year, +170% since I bought it last August. CCJ is an idea I remain committed to, but it’s gone nowhere and I need some cash.

UEC is small, speculative, and just asking for a beat down.

SLW was a quick trade, not an investment.

It’s time to start letting off the gas. Because, let me ask you: isn’t this getting a little out of hand?

Up Another 1% Again Today

HCLP just blew through $60, as analysts raise targets in response to the HAL announcement.

BAS is back above $27. I guess I could have held onto all of those shares, but I have no regrets. Retaining a 15% position in BAS is more than reasonable.

SLW is pushing its way to $26.

My only position that is down noticeably today is UEC. And that remains my smallest position at 5% of assets.

Fracking investments remain the place to be. Oil names are doing well by extension (and a high price per barrel). I’m telling you, coal will be the next thing to run.

Have a wonderful afternoon.

Made Another Round Of Purchases Of ETP

I redeployed some cash from yesterday’s sale of BAS, bidding up ETP for $57.64.

They announced today that they’re building a new pipeline connecting the Bakken oil reserves being built out in North Dakota to Illinois. More importantly, they announced they already have commitments from shippers in the form of long term agreements.

I like this partnership a lot. It pays almost 7% in distributions to unit holders annually, and their operation has a lot going for it.

Reduced Size Of BAS Position To 15% Of Assets

I made a large series of sales in BAS for $26.23 on average. These shares were sold for an average gain of 116% from my initial purchase price a few years ago.

This sale brings BAS back in line to a 15% position in my portfolio. It had been almost 25%. The 10% cash raise will sit on my books for now.

I ran some numbers, and from their last report, I’m thinking BAS was probably worth about $8 a share. This massive move higher has been from the company managing to stop the losses they were taking every quarter. However, the next major risk to the shares will be execution; can the company turn a profit?

I think I can see how the company could make $1.60 a year in earnings pretty easily. That puts an 11 year break even point, which is about the top end of my acceptable range. At this junction, the shares are a fair price, in my book.

But I love the company, so I’ll be keeping the 15% position I have in them. I think they don’t just turn $1.60. I think they surprise us all and make $2.50-3 per share annually, sending the shares into the $30-40 range.

I cannot justify keeping the massive ~25% of my portfolio in BAS though. That’s too much, and I do have a lot of money sitting on the table here. I’m only willing to take regular risks that Basic Energy Services makes the next step successfully, even though I’m confident they will.

Year To Date Gains Back At 15%

This sudden resurge of equities has propelled me back to all time highs; and nothing is “surgier” than Hi-Crush Partners LP (HCLP).

Last night, they announced an amended supply agreement with Halliburton (HAL), for the usual terms – more committed volumes, higher prices, certain benchmarks for yet greater volumes at even higher prices still…etcetera etcetera.

This follows an announcement on the 17th of June for much the same deal with Liberty Oilfield Services.

The culmination of these announcements has sent HCLP to $58.50, at time of this correspondence, gracefully and effortlessly taking out new all time highs of its own.

For the year, I have only one bad investment, and that is NRP. At least, for now. Aside from that, it has been all gravy trains and cocaine buffets.

Up next on the menu: the EPA announcement of new power plant regulations will be recognized as the exact floor for coal stocks.

Get some while the getting is good.

Guess Who’s Up Another 1% Today?

HCLP is taking me higher again; my largest position running another 5% today towards $57 a share.

This puts my gains on this positions closing in on 140% since I bought it last August.

Listen: I need you to stop asking me when I’m going to sell. It’s not just a matter of annoyance – you’re sowing doubt in my subconscious. Trust me, I will let you know when I’m going to sell out. It will become apparent… by my selling out.

To be honest with you, there is a very large part of my spirit that demands I sell and “lock in these awesome gains this instant, Cain Thaler.”

With locking in these gains comes tax obligations. That’s about the best of it. And if there is one thing that has become clear to me, looking back at the trail I paved behind, it is that I exit winning positions much too soon. I still make a good profit on them, mind you. But the message of RGR, AWK, ASR, PM, …a half dozen others – is that I am mentally predisposed to take a quick 20-40% gain and walk away, even when my idea is worth far more.

And so I am locked in an epic battle of self restraint. My opponent is a most worthy foe; my emotional self. We are near equally matched, but I have one singular advantage over this knave. I am much smarter than he.

Or at least, I should be, if I take the time to focus and work against him. That is hard enough without tripping on stray rocks being strewn under my feet by the populace.

If you fear of losing your HCLP wins, then take them. Do so silently, and to yourself. Actually, leave a triumphant decree in my comments to let the world know your pleasure with my services. But talk of my selling, no more.

Sold UEC, SLW, Partial Sales of CCJ, HCLP

This morning:

I completely sold out of UEC (5% cash raise).

I completely sold out of SLW for +5% (11% cash raise)

I then sold down CCJ and HCLP (my two remaining largest positions) until my cash position was 25%.

HCLP remains my largest and most successful position this year, +170% since I bought it last August. CCJ is an idea I remain committed to, but it’s gone nowhere and I need some cash.

UEC is small, speculative, and just asking for a beat down.

SLW was a quick trade, not an investment.

It’s time to start letting off the gas. Because, let me ask you: isn’t this getting a little out of hand?

Up Another 1% Again Today

HCLP just blew through $60, as analysts raise targets in response to the HAL announcement.

BAS is back above $27. I guess I could have held onto all of those shares, but I have no regrets. Retaining a 15% position in BAS is more than reasonable.

SLW is pushing its way to $26.

My only position that is down noticeably today is UEC. And that remains my smallest position at 5% of assets.

Fracking investments remain the place to be. Oil names are doing well by extension (and a high price per barrel). I’m telling you, coal will be the next thing to run.

Have a wonderful afternoon.

Made Another Round Of Purchases Of ETP

I redeployed some cash from yesterday’s sale of BAS, bidding up ETP for $57.64.

They announced today that they’re building a new pipeline connecting the Bakken oil reserves being built out in North Dakota to Illinois. More importantly, they announced they already have commitments from shippers in the form of long term agreements.

I like this partnership a lot. It pays almost 7% in distributions to unit holders annually, and their operation has a lot going for it.

Reduced Size Of BAS Position To 15% Of Assets

I made a large series of sales in BAS for $26.23 on average. These shares were sold for an average gain of 116% from my initial purchase price a few years ago.

This sale brings BAS back in line to a 15% position in my portfolio. It had been almost 25%. The 10% cash raise will sit on my books for now.

I ran some numbers, and from their last report, I’m thinking BAS was probably worth about $8 a share. This massive move higher has been from the company managing to stop the losses they were taking every quarter. However, the next major risk to the shares will be execution; can the company turn a profit?

I think I can see how the company could make $1.60 a year in earnings pretty easily. That puts an 11 year break even point, which is about the top end of my acceptable range. At this junction, the shares are a fair price, in my book.

But I love the company, so I’ll be keeping the 15% position I have in them. I think they don’t just turn $1.60. I think they surprise us all and make $2.50-3 per share annually, sending the shares into the $30-40 range.

I cannot justify keeping the massive ~25% of my portfolio in BAS though. That’s too much, and I do have a lot of money sitting on the table here. I’m only willing to take regular risks that Basic Energy Services makes the next step successfully, even though I’m confident they will.

Year To Date Gains Back At 15%

This sudden resurge of equities has propelled me back to all time highs; and nothing is “surgier” than Hi-Crush Partners LP (HCLP).

Last night, they announced an amended supply agreement with Halliburton (HAL), for the usual terms – more committed volumes, higher prices, certain benchmarks for yet greater volumes at even higher prices still…etcetera etcetera.

This follows an announcement on the 17th of June for much the same deal with Liberty Oilfield Services.

The culmination of these announcements has sent HCLP to $58.50, at time of this correspondence, gracefully and effortlessly taking out new all time highs of its own.

For the year, I have only one bad investment, and that is NRP. At least, for now. Aside from that, it has been all gravy trains and cocaine buffets.

Up next on the menu: the EPA announcement of new power plant regulations will be recognized as the exact floor for coal stocks.

Get some while the getting is good.

Guess Who’s Up Another 1% Today?

HCLP is taking me higher again; my largest position running another 5% today towards $57 a share.

This puts my gains on this positions closing in on 140% since I bought it last August.

Listen: I need you to stop asking me when I’m going to sell. It’s not just a matter of annoyance – you’re sowing doubt in my subconscious. Trust me, I will let you know when I’m going to sell out. It will become apparent… by my selling out.

To be honest with you, there is a very large part of my spirit that demands I sell and “lock in these awesome gains this instant, Cain Thaler.”

With locking in these gains comes tax obligations. That’s about the best of it. And if there is one thing that has become clear to me, looking back at the trail I paved behind, it is that I exit winning positions much too soon. I still make a good profit on them, mind you. But the message of RGR, AWK, ASR, PM, …a half dozen others – is that I am mentally predisposed to take a quick 20-40% gain and walk away, even when my idea is worth far more.

And so I am locked in an epic battle of self restraint. My opponent is a most worthy foe; my emotional self. We are near equally matched, but I have one singular advantage over this knave. I am much smarter than he.

Or at least, I should be, if I take the time to focus and work against him. That is hard enough without tripping on stray rocks being strewn under my feet by the populace.

If you fear of losing your HCLP wins, then take them. Do so silently, and to yourself. Actually, leave a triumphant decree in my comments to let the world know your pleasure with my services. But talk of my selling, no more.