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Scott Wachsler
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I manage Wax, a baseline equity research company comprised of individual investors not licensed or registered with any government agency. I have been all cap value investor and independent equity researcher for the past 30 years, and believe that patience is the key to successful... More
My company:
Wax Ink
My blog:
Wax Ink
  • Performance - Week Ending 02/22/2013 0 comments
    Feb 24, 2013 8:18 AM

    The Wax Ink Portfolio received a pretty good spanking from the markets last week and it didn't feel very good.

    Regardless, it is my personal belief that a much larger, much more sustained correction is in the offing in the not to distant future, which will make last weeks fluctuation seem inconsequential.

    My name is Wax, and I am an individual investor, a working class investor, just trying to do the best I can in a world that was never intended for investors like me.

    While I can provide you with a baseline equity report, which you can use as a starting point for your own research, you must do the actual work.

    Aside from some worksheets, the only other thing I can do is let you follow along with me and my investing struggles as I manage The Wax Ink Portfolio.

    So if this bit of help is what you are looking for, then welcome.

    On the other hand, if you are looking for market commentary intermixed with the bullshit that is politics, I suggest you try Dinah's Place.

    The Wax Ink Portfolio declined 2.8% last week.

    The Dow closed up 0.1%, the Nasdaq was down 0.9%, the S&P 500 was down 0.3%, and the Russell 2000 was down 0.8%.

    Year to date, the Wax Ink portfolio is up 3.5%, the Dow is up 6.8%, the Nasdaq is up 4.7%, the S&P 500 is up 6.3% and the Russell 2000 is up 7.9%.

    The portfolio breakdown remains the same, with 70% of the portfolio in equities, 30% of the portfolio in cash, and 0% of the portfolio in bonds.

    I continue to research stocks, with 35 companies currently on my research list.

    This week's moving on up stocks were building packaging company Meyers Industries (NYSE: MYE), up 8%, small tool maker L.S. Starrett Company (NYSE: SCX), up 4%, and drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 2%.

    This week's in the dumper stocks were building materials company USG Corporation (NYSE: USG), down 9%, iron ore company Cliff's Natural Resources, Inc. (NYSE: CLF), down 8%, and government technical services contractor SAIC, Inc. (NYSE: SAI), down 7%.

    Not Performing
    As I note every week, there are several portfolio stocks that simply are not performing.

    Once again this week, communications equipment company Tellabs, Inc. did nothing and remains down 61% since I added it to the portfolio.

    Also continuing to piss me off are government contractor SAIC, Inc. (NYSE: SAI), down 42%, and garage door/telephone headset maker Griffon Corporation (NYSE: GFF), down 36%.

    As I have been saying, over the course of the next several months, two of these non-performing stocks will have reached or exceeded their 5 year portfolio anniversary. While I still believe in the stocks, it may be time to dump them. I will be making that decision by early summer.


    Wax Ink is a baseline equity research company comprised of individual investors, NOT licensed or registered with ANY government agency.

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