Old Friend

Greetings from the Big Apple. I am here on a quick business trip. I did make a couple changes yesterday in my MFI portfolio. I annulled my deal with FTAR. People on main board felt it was in run off. I didn't fully "get" it, but I respect their opinion and sold my shares and will act like I never owned them here (i did make $100!).

To replace FTAR, I turned to an old friend, CHKE. I do understand their business and they really sunk in price since I sold them for over $44 2 months ago. I bought back in at the bargain price of $36.70. Sweet. CHKE will never be a two bagger, but certainly a steady performer, decent change to have a double digit annual return given their 8% dividend.

Blow out day today. I think my 5% lead over the benchmark is shrinking a bit, but I am not complaining. I was up about 1.6% today. I don't have my official tracking sheets with me on the road.

News:
ANF was up over 8%. They must have posted solid same store sales (Abercrombie & Fitch Reports June Net Sales Increase 21% to $293.2 Million Comparable Store Sales Increase 2%). I came this close (fingers almost touching) to buying more shares when they dipped below $70, but looks like that door has shut.

CHKE made me look smart quickly, up $1.60 today. Heck I am already up 5%!

UG went up 6%, can't see why, but I am now up over 11% on this cosmetic company.

CREL announced earnings this evening (Corel Corporation Reports Second Quarter 2007 Financial Results ). Must have been poor as they were down 5% during happy hour. Always complicated to look at earnings after a merger (with IVII). The numbers from a MFI standpoint didn't look all that hot, but hard to say. I expect I'll take it on the chin tomorrow. Earnings should start coming rapid fire over the next three weeks. I am optimistic.

Well, off to the Wall Street Cafe and a bottle of Chianti.