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Quarterly Review 1Q18

With the first quarter of 2018 having ended recently, I wanted to take some time to review previous recommendations I made on Seeking Alpha, and where they currently stand. 

On December 6, 2017, I recommended a short position in Riot Blockchain Inc. (RIOT), Bitcoin Services (OTCPK:BTSC), Bitcoin Investment Trust (OTCQX:GBTC), and First Bitcoin Capital (OTC:BITCF). 

On December 14, 2017, I recommended a short position in Core-Mark Inc. (CORE).

On January 16, 2018, I recommended a short position in Empire Resorts Inc. (NYNY). 

As you can see from the table above, had you taken these positions, you would have done very well. 

The Bitcoin mania seems to have calmed, and an adequate return has been achieved on the related stocks. Due to this, I am recommending to close/cover short positions in RIOT, BTSC, GBTC, and BITCF.

Core-Mark has retreated over 30% since my initial short recommendation and is trading closer to its intrinsic value. Due to this, I am recommending to close/cover short positions in CORE.

Empire Resorts Inc. is down just under 20% since the initial short recommendation, which brings the company's valuation much closer to its intrinsic value. They have a few items in the pipeline that could significantly improve the business economics. Due to this, I am recommending to close/cover short positions in NYNY. 

I will continue to provide updates regarding closing positions I have recommended in the past. I am by no means a market-timer. As a value investor, long positions are usually held for extended periods of time. I follow a strict value approach when taking long positions. However, my short philosophy is different. I close/cover short positions once an adequate return is received, as to not become greedy and lose all returns. Short positions are inherently risky and require closer attention than do long positions.

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Additional Disclosures: Everything included in this article is not to be taken as investing advice because I am not your investment adviser. Also, I have not considered your specific situation as your fiduciary. Investors are expected to do their own due diligence before making any investments, and should consult with an investment professional who knows their objectives and constraints.

This blog post covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Tipranks: Hold RIOT, Hold BTSC, Hold GBTC, Hold BITCF, Hold CORE, Hold NYNY

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.