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Performance - Week Ending 11/13/2015

|Includes: ALJ, CVI, CVRR, ESV, GE, LAYN, MDR, MRO, SWM, TDW, WPX Energy, Inc. (WPX)

The Wax Ink Portfolio was down 1.2%for the week.

By comparison, the Dow was down 3.7%, the Nasdaq was down 4.3%, the S&P 500 was down 3.6%, the Russell 2000 was down 4.4%, and the Volatility Index, commonly known as the VIX, was up 45.2%.

Year to date, the Wax Ink portfolio is down 7.2%, the Dow is down 3.2%, the Nasdaq is up 4.1%, the S&P 500 is down 1.7%, the Russell 2000 is down 4.8%, and the VIX is higher by 51.6%.

The portfolio breakdown is roughly 56% cash, 44% equities, and 0% bonds. The total number of shares remained the same this week.

Weekly Winners
This week's portfolio winners were offshore contractor McDermott International (NYSE: MDR), up 6%, cigarette paper maker Schweitzer-Maudit International, Inc. (NYSE: SWM), up 1%, and really big company General Electric (NYSE: GE), up 1%.

Weekly Losers
This week's portfolio losers were municipal construction contractor Layne Christensen (NASDAQ: LAYN), down 9%, marine support vessel company Tidewater, Inc. (NYSE: TDW), down 7%, and independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 6%.

Portfolio Duds
The portfolio's worst performing stocks remain building materials company Griffon Corporation, down 6% since being added to the portfolio, municipal construction company Layne Christensen down 62% since being added to the portfolio, and offshore supply boat company Tidewater, down 34% since being added to the portfolio.

Fair Warning
As I continue to rework my rather large watch list, please remember that I am a value investor seeking to buy stocks, regardless of the sector, that I believe will double over a 60 month hold.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

WPX Energy, Inc. (NYSE: WPX) - FYE 12/2014

Alon USA Energy, Inc. (NYSE: ALJ) - FYE 12/2014

CVR Refining, LP (NYSE: CVRR) - FYE 12/2014

CVR Energy, Inc. (NYSE: CVI) - FYE 12/2014

Ensco plc (NYSE: ESV) - FYE 12/2014

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Reasonable Value Estimates
Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance and investing philosophy.

Reasonable value estimates were established or revised this week for WPX Energy at $46-$56, Alon USA Energy at $31-$38, CVR Refining at $31-$39, CVR Energy at $42-$50, and Ensco plc at $71-$74.

Have a great week.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2015 Wax Ink

Disclosure: I am/we are long MDR,SWM,GE,LAYN,TDW,MRO.