The colloidally fluid Wax Ink Portfolio was down 0.5% for the week.
By comparison, the Dow was up 1.3%, the Nasdaq was up 2.1%, the S&P 500 was up 1.5%, the Russell 2000 was up 1.1%, and the Volatility Index, commonly known as the VIX, was down 18.5%.
Year to date (there are only 3, days remaining until the Memorial Day), the Wax Ink portfolio is down 3.9%, while the Dow is up 6.7%, the Nasdaq is up 15.4%, the S&P 500 is up 7.9%, the Russell 2000 is up 1.9%, and the VIX is lower by 30.1%.
The portfolio breakdown is roughly 53% cash, 47% equities, and 0% bonds. The current value of portfolio cash on a per share basis is $25.41 and the current value of portfolio equities on a per share basis is $21.47, making the average per share held price $46.88.
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $26.92 and the average market closing price of all equities held in the Wax Ink Portfolio is $24.27, making the current portfolio fair value factor 9.8%.
WTI Crude ended the week at $49.80, down 1.1%, while Brent Crude ended the week at $52.15, down 2.7%, creating a crude price spread of $2.35, a decrease of 28.4%. Distillate RBOB Gasoline ended the week at $1.6426, down 0.4%, and Heating Oil ended the week at $1.5633, down 1.2%, moving the Gulf Coast 3:2:1 Crack Spread (two barrels of gasoline + one barrel of heating oil - three barrels of crude oil) / 3) to $18.08, an increase of 0.3% for the week. Henry Hub Natural Gas ended the week at $3.31, up 1.5%.
Year to date WTI Crude is lower by 7.3%, Brent Crude is lower by 8.2%, the WTI/Brent Crude Spread is lower by 24.2%, Henry Hub Natural Gas is lower by 11.0%, RBOB Gasoline is lower by 1.7%, Heating Oil is lower by 9.5%, and the Gulf Coast 3:2:1 Crack Spread is higher by 4.7%.
Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.82, up 1.7%, while the 10 Year Treasury ended the week at 2.25, up 0.4%. The 5 Year AAA Municipal Bond ended the week at 1.75, up 5.4%, and the 10 Year AAA Municipal Bond ended the week at 2.65, down 2.2%. Lastly, the 5 Year AAA Corporate closed the week at 2.06, up a touch, with the 10 Year AAA Corporate ending the week down 1.0% at 2.86.
Year to date the 5 Year Treasury is down 3.7%, the 10 Year Treasury is down 7.0%, the 5 Year AAA Muni is down 0.6%, the 10 year AAA Muni is up 3.5%, the 5 Year AAA Corporate is unchanged, and the 10 Year AAA Corporate is down 5.6%.
I am a deep value, long-term buy and hold investor with an average minimum holding period of 60 months (1825 days).
Wax Ink has no position in any stock mentioned in this report.
Baseline Valuation Estimates and Worksheets
Baseline Valuation 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 or investing philosophy.
Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.
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 were either created or updated during the week for the following companies.
Baseline Valuation Estimates
Baseline valuation estimates are determined through fundamental analysis of the listed company's most recent annual financial information and are intended as a starting point for continued due diligence. Baseline valuation estimates were either created or updated during the week for the following companies:
CARBO Ceramics, Inc. - ($4)
Core Laboratories NV - $29
Dawson Geophysical Company - $17
Halliburton Company - $2
Current Growth Estimates
Current growth estimates are determined utilizing current pricing levels, year over year earnings growth, dividend yield, the current PE ratio, and an earnings growth estimate. Because current growth estimates are EXTREMELY volatile, what is presented here is a single current growth estimate. Current growth estimates were either created or updated during the week for the following companies:
CARBO Ceramics, Inc. - ($15)
Core Laboratories NV - $113
Dawson Geophysical Company - $5
Halliburton Company - $29
Current Momentum Estimates
Current Momentum estimates are determined by utilizing current pricing levels, current earnings, year over year earnings growth, estimated future earnings growth, and current bond yields. The use of future anything makes the estimate result EXTREMELY volatile. Current Momentum estimates were either updated or created during the week for the following companies:
CARBO Ceramics, Inc. - ($37)
Core Laboratories NV - $31
Dawson Geophysical Company - $1
Halliburton Company - ($18)
Future Value Estimates
Future Value estimates utilize year over year price changes and year over year dividend payments to determine a stock return on investment. The stock return on investment is then used to advance the recent price year by year for a 5 year period. Future Value estimates contain EXCESSIVE risk because past performance is not a guarantee of future returns. Future Value estimates were either updated or created during the week for the following companies:
CARBO Ceramics, Inc. - $6
Core Laboratories NV - $161
Dawson Geophysical Company - $2
Halliburton Company - $49
Investment Investigation Summaries
CARBO Ceramics, Inc. - Negative - the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation
Core Laboratories NV - Negative - the current baseline valuation and key performance indicators (KPIs) no longer support investment investigation
Dawson Geophysical Company - Positive - the current baseline valuation and key performance indicators (KPIs) support investment investigation
Halliburton Company - Positive - the current baseline valuation and key performance indicators (KPIs) support investment investigation
I'm traveling next week so no report. See you in two weeks. Have a great week all.
Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2017 Wax Ink
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.