Second Secondary

As I noted yesterday, I bought SLCA as it dropped about 7% due to a secondary offering which allowed their largest shareholder to sell 10 million shares (about 1/3 of their total). I think that was an opportunistic buy for me.

Today, I have my second secondary (hah) in two days. GA announced the selling of 15 million shares  by Vogel holding, a subsidiary of the Chairman of Giant.  I guess he will do ok, getting about $120 million!  Obviously, one does not like to see the Chairman selling $120m worth of shares. So it will be interesting to see how the stock reacts today. It has been a huge winner for me, up 46% since I bought them on February 1st. Arguably, if it drops enough (and you believe the Chairman is not selling because he knows something), it could present. Buying opportunity. I will likely not add shares as I have exposure through GA and CYOU to this online gaming market, and I think that is enough.

Not much other portfolio news. I am still sitting on cash. I have plans to buy in correction, otherwise, I will just make moves on the margins.  I am thinking about selling Progressive in July. I will have owned it for a year then and I am up 28%. While I love the company, I do think they are currently fully valued.