Here is notice on a few transactions in the $$$MR. MARKET$$$ portfolio
which were executed today.
Last week, on October 6th, the management of AACE formally closed on a
sale of the company at a price of $30/share. Thatâs a 4.3% loss
compared to my purchase price of 31.34 on March 5, 2004. Hey, you win some
you lose some. Iâm sure that management did very well on the shares
that they have been holding for quite some time. Now they can blow it all
in Vegas like I did. Iâm very happy for them.
So since I had the day off from work today, I decided to do a little
more housecleaning in my portfolio and I executed the following 3 trades:
I sold PRX at 17.79 which is a 75% loss vs. my purchase price of 72.40
when I bought this stock back on 9/18/03. Yeaâ¦this one was ugly and
disappointing. The revenue growth really tailed off as pharmaceuticals
came under pressure and PRX never recovered. So..bye bye!
I sold CBK at 29.15 which is a 1% loss compared to my purchase price of
29.38 on October 20, 2003. However during the 3 yr holding period,
this company paid annual dividends of around 1%, so I came out a little
ahead on this company.
Finally, I closed the book on BEL, selling it today at a whopping
$0.85/share vs. my purchase price of 21.12 back January 2, 2004. Nothing
ever went right for me on this investment and I was certainly fooled by
BELâs lack of execution on growing their customer base and getting the
facilities operational that they had promised. Constant restatement of
earnings left little credibility for management and the market took it
outside and shot it. If you think this was a bad investment for $$$MR.
MARKET$$$, you are correct, but itâs not even as close to the bad bet I
made on Saturday, taking the University of Houston over Louisiana â
The good news with all of this housekeeping is that I have a lot of
cash to reinvest in several open positions in my portfolio. You should
see some brand new picks coming out regularly from $$$MR. MARKET$$$ over
the next few months.
With the selling of AACE, my winning streak of consecutive 15%
profitable closed trades was snapped at 83 in a row. Not badâ¦but I will do
better. The ânewâ $$$MR. MARKET$$$ streak started on March 11, 2004 with
my purchase of HZO so now Iâm up to 23 winners in a row. If you ever
want to track all of my open and closed trades, you can always see them
on my homepage:
Try using a stop loss next time.