Scott Wachsler's  Instablog

Scott Wachsler
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I manage Wax Ink.net, 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
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Wax Ink
  • Performance - Week Ending 03/01/2012 0 comments
    Mar 2, 2013 9:39 AM

    This is the time when constantly reviewing the portfolio becomes real drudgery. It happens every year and while I am aware of it, it just doesn't make it any easier.

    One of the things I don't pay much attention to is the portfolio. I know that seems strange since I review the performance every week, but none the less, it literally is something I have to force myself to do. I don't enjoy it in the least.

    And as springtime gets closer and closer, reviewing the performance of the portfolio becomes harder and harder to do. Yes I know stop bitching, I could be a politician.

    I seldom actually watch or listen to the news anymore, I guess because I find it all so boring. It's just the same stuff regurgitated on a different day.

    Last night I happen to hear something about a sequester and how the world is ending because America is going to be less secure. Then I learn that the collective group of assholes that the majority of the American voters re-elected is now pissing themselves because the government has to spend $58 billion dollars less than was budgeted.

    Are kidding me? This is newsworthy? To a person, politicians are all liars and cheats. To think that they won't be able to continue to stick it to the American electorate is simply preposterous. They have been dicking us to death since the dawn of time, and we, as voters, continue to bend over and ask for more.

    So get over yourselves and let's move on to something else. Assholes!

    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.

    Every week in this space I recount how poorly I have managed The Wax Ink Portfolio during the prior week.

    I do it in hopes of helping other working class investors dodge the same traps I have fallen victim to. Sort of a don't do what I did kinda thing.

    If that piques your interest, or if you just want to follow along and laugh at the idiot, I'm glad you have found this place.

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

    Markets
    The Wax Ink Portfolio closed up 0.5% for the week. Meanwhile, the Dow closed up 0.6%, the Nasdaq was up 0.3%, the S&P 500 was up 0.2%, and the Russell 2000 was down 0.2%.

    Year to date, the Wax Ink portfolio is up 3.9%, the Dow is up 7.5%, the Nasdaq is up 5.0%, the S&P 500 is up 6.5% and the Russell 2000 is up 7.7%.

    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.

    Research
    I continue to research stocks, with 33 companies currently on my research list, adding oilfield supply company National Oilwell Varco, Inc. (NYSE: NOV) last week, while dumping two Noble stocks.

    Holdings
    This week's moving on up stocks were government contractor SAIC, Inc. (NYSE: SAI), up 5%, after market auto parts maker Dorman Products, Inc. (Nasdaq: DORM), up 3%, and agricultural chemicals producer Agrium, Inc. (NYSE: AGU), up 3%.

    This week's turd in the bunch bowl stocks were ultra-capacitor maker Maxwell Technologies, Inc. (Nasdaq: MXWL), down 10%, heavy construction contractor Layne Christensen Company (Nasdaq: LAYN), down 5%, and iron ore company Cliff's Natural Resources, Inc. (NYSE: CLF), down 5%.

    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 is down 63% since I added it to the portfolio.

    Also continuing to piss me off are government contractor SAIC, Inc. (NYSE: SAI), down 39%, 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

    Wax Ink is a baseline equity research company comprised of individual investors, NOT licensed or registered with ANY government agency. Please obtain the advice of a registered investment professional BEFORE considering any information contained herein.

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