Saturday, January 06, 2018

MFI Diary Weekend Update 1/6/18

Weekend Update 1/6/18

Quite a cold spell here in New England.  Today is 12th straight day it hasn't reached above freezing, day or night.  -1 right now and heading to -10 tonight.  Toss in our 14" of snow from Thursday and we're really having fun.

But I have a hot cup of coffee plus a steaming bowl of Quaker Oatmeal in a warm house.  So its really not that bad.  You have found your way to the MFI Diary.  This is a blog following the investment approach described by Joel Greenblatt in The Little Book That Beats The Market.  I have been writing this blog and following his investment approach since early 2006.

I did create a guide recently for new readers to my blog that point you to some key/interesting posts. I encourage you to give it a whirl Guide To New Readers).  (PS - let me know, in the grievance section, if this link does not work). Of course, I have to have a disclaimer - I am just a guy with a spreadsheet and not a stock advisor.  You should do your own due diligence before acting on anything you read here.

Any opinions you read are my own unless they end up being really bad.

Onwards.

Last Week Today


Well, we made it to 2018.  Calendar was flipped, but markets kept moving up every day with limited volatility as per the plan.  Maybe 90% of trading is done by computers now and they just don't get emotional... nah!  It was a great week for me overall, up over 2%.  But astonishingly, that still lagged the Russell 3000 which scored an eye-popping 2.3% gain in week 1, 2018.  Recall though that this year I also have a dividend index, which will be the measure of my dividend portfolio.  It was up 0.5%. So really, on a blended basis I beat the indices overall.

Here is where I stand after the first week:

 Component   YTD 
 Overall  +2.1%
 MFI Select  +2.2%
 MFI Formula  +1.5%
 MFI Combined  +1.8%
 Miscellaneous  +2.8%
 Dividend  +1.9%
 Dividend Index  +0.5%
 R3K  +2.3%
 MFI Index  +3.2%
 GARIX  +2.1%


Now the keen-eyed reader will look at that table and say, "whoa, great 1st week for MFI Index - up 3.2%!"  And that would be right.  Really helped by a first week pop in SRNE, at +34%. Recall the MFI Index is a basket of 50 stocks (I just show for tracking purposes) that I reconstitute once a year. My big winner for the week was my Misc portfolio, up 2.8%.  It was definitely a risk-on kind of week.

I feel that since the MFI Index was so beaten down in 2017 and they had such a nice start here that I would give them an "attaboy" and show their first week results by stock.


Stock  Initial Price   End Price  Percent Change
SRNE                3.80             5.10 34.2%
MPAA              24.99           28.01 12.1%
PTN                0.86             0.96 11.6%
EGRX              53.42           59.14 10.7%
AMAG              13.25           14.55 9.8%
BPT              20.10           21.40 6.5%
CNCE              25.87           27.54 6.5%
CASA              17.76           18.80 5.9%
SQBG                1.78             1.88 5.6%
IDCC              76.15           79.85 4.9%
ABCD                5.68             5.95 4.8%
KLAC            105.07         109.86 4.6%
LEE                2.35             2.45 4.3%
GME              17.95           18.68 4.1%
GILD              71.64           74.52 4.0%
ABC              91.82           95.32 3.8%
PDLI                2.74             2.84 3.6%
HPQ              21.01           21.75 3.5%
BIVV              53.92           55.80 3.5%
OPHT                3.12             3.22 3.2%
TGNA              14.08           14.53 3.2%
MEET                2.82             2.91 3.2%
SYNT              22.99           23.67 3.0%
PBI              11.18           11.51 3.0%
SP              37.10           38.05 2.6%
MSGN              20.25           20.75 2.5%
EGOV              16.60           17.00 2.4%
CPLA              77.40           79.10 2.2%
HRB              26.22           26.79 2.2%
PCOA            575.00         586.00 1.9%
ESRX              74.64           76.01 1.8%
TRNC              17.59           17.89 1.7%
AGX              45.00           45.75 1.7%
CJREF                9.21             9.35 1.5%
DIN              50.73           51.46 1.4%
UTHR            147.95         149.79 1.2%
EVC                7.15             7.20 0.7%
DLX              76.84           77.24 0.5%
IPG              20.16           20.19 0.1%
INVA              14.19           14.19 0.0%
VEC              30.85           30.70 -0.5%
TVTY              36.55           36.35 -0.5%
OMC              72.83           72.17 -0.9%
HSII              24.55           24.25 -1.2%
NLS              13.35           13.15 -1.5%
DISCA              22.38           22.00 -1.7%
NHTC              15.19           14.85 -2.2%
AMCX              54.08           52.33 -3.2%
MCFT              22.22           21.42 -3.6%
VIAB              30.81           29.10 -5.6%


MFI Select

This is the first of my two real money MFI Portfolios.  Both of my MFI portfolios will be dampened in their results starting the year as I essentially have a 30% cash position built in (so that impacts the table above).  I will be adding that cash in over the course of 2018.  I also have a more hypothetical tracking (the $100,000 start in tables below that ignores my adding cash).

MFI Select was started by me in August 2012 after I had quick MFI for a year due to frustration of sub par results. But instead of slinking away, I studied my MFI results and tracking work I have done since 2006.  My main finding was that MFI screens have too many stocks that just don't meet the Jake's Bubble Gum Shop mold from the book.  So I try and weed some of those out.  I also (in MFI Select) allow myself total free rein on how I pick the stocks, be it official screen or my own internal screens.  I do buy and hold for a year.  And I have 4 tranches of 5 stocks each.  Here is how a hypothetical $100,000 spread over first 4 tranches would have grown:


 Date   Differential   MFI Value   R3K Value 
1/1/2013 -1.78%        102,798            104,575
4/1/2013 -0.43%        106,804            107,234
7/1/2013 4.29%        114,888            110,597
10/1/2013 19.67%        138,655            118,990
1/1/2014 26.63%        157,138            130,503
4/1/2014 30.38%        162,991            132,616
7/1/2014 39.23%        177,971            138,740
10/1/2014 29.38%        168,321            138,944
1/1/2015 28.17%        174,306            146,140
4/1/2015 29.95%        178,565            148,612
7/1/2015 62.69%        211,437            148,743
10/1/2015 43.12%        181,175            138,052
1/1/2016 63.33%        209,514            146,186
4/1/2016 47.34%        195,770            148,430
7/1/2016 50.41%        201,092            150,680
10/1/2016 42.98%        198,563            155,582
1/1/2017 45.60%        209,503            163,936
4/1/2017 55.70%        229,473            173,735
7/1/2017 60.28%        239,060            178,782
10/1/2017 75.60%        262,489            186,886
1/1/2018 92.19%        291,114            198,926
Current 94.63%        298,102            203,472

You might note that the growth from $291,114 to 298,102 in 2018 is 2.4%, which is larger than the 2.1% I showed at very start.  The biggest reason for that is my hypothetical approach does not have the cash component.

Here are how the stocks did individually during the week:


 Stock   Last Week   Current   Dividend   Change 
 SIMO              52.96         54.89                       -   3.6%
 MSGN              20.25         20.75                       -   2.5%
 YY            113.06       128.10                       -   13.3%
 CELG            104.36       104.99                       -   0.6%
 EVC                7.15            7.20                       -   0.7%
 ICHR              24.60         27.50                       -   11.8%
 AKRX              32.23         32.46                       -   0.7%
 VIAB              30.81         29.10                       -   -5.6%
 RHI              55.54         56.31                       -   1.4%
 MD              53.44         54.50                       -   2.0%
 QCOM              64.02         66.47                       -   3.8%
 KLAC            105.07       109.86                       -   4.6%
 TIME              18.45         18.55                       -   0.5%
 GHC            558.35       566.15                       -   1.4%
 WNC              21.70         21.60                       -   -0.5%
 RGR              55.85         53.35                       -   -4.5%
 TGNA              23.69         24.92                       -   5.2%

YY has been unbelievable.  Just three+ weeks to go for it.  Here are my 4 tranches:


2/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 AKRX  $19.10 $32.46 $0.00 69.9% 21.4%
 YY  $41.08 $128.10 $0.00 211.8% 21.4%
 KLAC  $85.11 $109.86 $2.26 31.7% 21.4%
 WNC  $17.65 $21.60 $0.24 23.7% 21.4%
 RGR  $52.75 $53.35 $1.36 3.7% 21.4%
 Totals  68.2% 21.4%
5/6/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 WSTC  $24.15 $23.50 $0.00 -2.7% 15.2%
 TGNA  $25.75 $24.92 $0.21 -2.4% 15.2%
 TIME  $15.05 $18.55 $0.08 23.8% 15.2%
 MSGN  $23.55 $20.75 $0.00 -11.9% 15.2%
 QCOM  $54.93 $66.47 $1.71 24.1% 15.2%
 Totals  6.2% 15.2%
8/15/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 GHC  $591.10 $566.15 $1.27 -4.0% 12.1%
 ICHR  $19.80 $27.50 $0.00 38.9% 12.1%
 MD  $43.00 $54.50 $0.00 26.7% 12.1%
 SIMO  $43.05 $54.89 $0.30 28.2% 12.1%
 RHI  $44.15 $56.31 $0.48 28.6% 12.1%
 Totals  23.7% 12.1%
11/15/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 MSGN  $16.67 $20.75 $0.00 24.5% 6.9%
 CELG  $100.60 $104.99 $0.00 4.4% 6.9%
 EVC  $5.78 $7.20 $0.05 25.4% 6.9%
 SIMO  $46.88 $54.89 $0.00 17.1% 6.9%
 VIAB  $24.41 $29.10 $0.20 20.1% 6.9%
 Totals  18.3% 6.9%

Solid numbers.  Only May is the laggard, but it is vastly improved from Labor day.  Then here is table that summarizes all tranches:


 Category/Tranche   August   November   February   May   Total 
 Initial Investment         25,000             25,000           25,000        25,000         100,000
 Current Tranche  23.7% 18.3% 68.2% 6.2% 26.8%
 Previous Tranche  -0.1% 42.6% 10.7% 19.1% 23.1%
 Tranche -2  2.8% 8.0% -14.3% -25.2% -7.2%
 Tranche -3  11.2% 69.4% 8.5% 18.3% 26.8%
 Tranche -4  41.4% 14.2% 78.3% 33.0% 41.7%
 Tranche -5  14.1% 43.7% 0.0% 0.0% 14.5%
 MFI Overall Gain  128.0% 407.0% 208.6% 48.8% 198.1%
 Current Balance         56,996           126,756           77,160        37,191         298,102
 R3K Current Tranche  12.1% 6.9% 21.4% 15.2% 13.9%
 R3K Overall Gain  114.7% 119.1% 96.3% 83.7% 103.5%
 R3K Balance         53,680             54,771           49,086        45,934         203,472
 Annualized IRR  16.5% 37.1% 25.7% 8.9% 22.0%

Wow, up to a 22.0% annualized IRR.  Not quite the 31% from the book, but a very good number.  You can see my 4 current tranches are up an average of 26.8% vs R3K 13.9%.  That will drop back after February first when I move the 68.2% from current to "Previous tranche".  You can also see, looking down the columns, that November has been my best month for tranches, up 407% in total.  May is my worst (not doing well this time either) up just 48.8%.

My best tranche ever was February 2013 at 78.3%.  May 2015 was the worst, down 25%.

MFI Formula

Same series of tables.  I started MFI Formula with real money in October 2014.  Again, 4 tranches with 5 stocks each.  It is called Formula as I pick my stocks based on formula screening and random number generator.


 Date   Differential   Value   R3K Value 
10/1/2014 0.00%        100,000            100,000
1/1/2015 -0.33%        100,664            100,995
4/1/2015 5.09%        106,781            101,695
7/1/2015 4.82%        106,423            101,604
10/1/2015 6.39%        100,703              94,312
1/1/2016 -3.36%          96,830            100,012
4/1/2016 0.34%        102,371            101,548
7/1/2016 -0.19%        103,022            103,216
10/1/2016 -0.85%        106,377            107,230
1/1/2017 1.57%        113,406            111,832
4/1/2017 -1.86%        116,227            118,091
7/1/2017 -2.40%        119,144            121,545
10/1/2017 -2.56%        124,448            127,007
1/1/2018 -3.63%        131,460            135,086
Current -4.41%        133,584            137,999

Not doing as well, trailing benchmark by a bit.  It did edge ahead in early December, but has fallen back again (SYNT really hurt).


4/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 BKE  $18.45 $21.65 $0.75 21.4% 17.0%
 CSCO  $33.76 $39.53 $1.16 20.5% 17.0%
 GILD  $67.50 $74.52 $1.56 12.7% 17.0%
 OMC  $85.53 $72.17 $1.65 -13.7% 17.0%
 SYNT  $16.76 $23.67 $0.00 41.2% 17.0%
 Totals  16.4% 17.0%
7/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 CSCO  $30.98 $39.53 $0.58 29.5% 13.7%
 GME  $20.95 $18.68 $0.76 -7.2% 13.7%
 HPQ  $17.60 $21.75 $0.27 25.1% 13.7%
 RGR  $60.70 $53.35 $0.44 -11.4% 13.7%
 SYNT  $16.21 $23.67 $0.00 46.0% 13.7%
 Totals  16.4% 13.7%
10/1/2017  Start   Current   Dividend   Pct Gain   R3K Gain 
 DIN  $43.14 $51.46 $0.97 21.5% 8.8%
 GILD  $82.85 $74.52 $0.52 -9.4% 8.8%
 GME  $20.50 $18.68 $0.38 -7.0% 8.8%
 HPQ  $20.22 $21.75 $0.13 8.2% 8.8%
 OMC  $74.80 $72.17 $0.55 -2.8% 8.8%
 Totals  2.1% 8.8%
1/2/2018  Start   Current   Dividend   Pct Gain   R3K Gain 
 AMGN  $177.11 $180.65 $0.00 2.0% 1.8%
 GME  $18.06 $18.68 $0.00 3.5% 1.8%
 GILD  $71.64 $74.52 $0.00 4.0% 1.8%
 HRB  $26.34 $26.79 $0.00 1.7% 1.8%
 OMC  $72.81 $72.17 $0.00 -0.9% 1.8%
 Totals  2.1% 1.8%

First look at the newest tranche.  Off to a +2.1% start.  Note the R3K 1.8% is not as good as R3K for the year.  This is because I do not start tranche at start of day.  I bought my stocks around noon and used the R3K value at that time.

Here is table showing all tranches:


 Category/Tranche   October   January   April   July   Total 
 Initial Investment      249,820        249,939     250,180      249,728         999,667
 Current Tranche  2.1% 2.1% 16.4% 16.4% 8.5%
 Previous Tranche  7.0% 16.5% 25.2% 26.7% 19.2%
 Tranche -2  5.5% 9.3% -0.2% -12.5% 0.5%
 Tranche -3  0.5% 11.0% 0.0% 0.0% 2.9%
 MFI Overall Gain  15.8% 44.2% 45.4% 29.1% 33.6%
 Current Balance      289,261        360,503     363,706      322,368      1,335,838
 R3K Current Tranche  8.8% 1.8% 17.0% 13.7% 10.3%
 R3K Overall Gain  46.0% 37.3% 36.6% 32.3% 38.0%
 R3K Balance      364,718        343,062     341,693      330,498      1,379,971
 Annualized IRR  4.6% 12.9% 14.4% 10.6% 10.6%

So 10.6% annualized IRR not as sexy as the 22% from my Select approach.  but I believe in this approach and I did add 33% more funds to my January 1st tranche.  My 4 current tranches are up 8.5% and trailing benchmark 10.3% by a bit.

Here are stocks during the week:

 Stock   Last Week   Current   Dividend   Change 
 GILD              71.64         74.52                       -   4.0%
 OMC              72.83         72.17                       -   -0.9%
 GME              17.95         18.68                       -   4.1%
 SYNT              22.99         23.67                       -   3.0%
 CSCO              38.30         39.53                  0.29 4.0%
 HPQ              21.01         21.75                       -   3.5%
 AMGN            177.11       180.65                       -   2.0%
 HRB              26.22         26.79                       -   2.2%
 BKE              23.75         21.65                       -   -8.8%
 DIN              50.73         51.46                       -   1.4%
 RGR              55.85         53.35                       -   -4.5%

BKE was off pretty sharply as they announced December same store sales and they were pretty uninspiring.


Dividend Portfolio

As I have discussed, I am going to start tracking my dividend portfolio against a dividend index based on 40 securities Barron's listed in December.  I think this is more fair that comparing against R3K as I have some bond holdings (and they are my largest), such as OIBAX.  That being said, there is no doubt that I stretch for yield more than the Barron's list.  Their average yield is around 4.2%.  I am at 6.4%.  Here is my portfolio:


 Dividend Stocks  Start  Current   Divvy   Overall Pct Gain   Weekly Pct Gain   12/30/17 Price   Yield 
 OIBAX      5.91         6.01      0.19 4.9% 0.8%        19.42 4.0%
 KCLI    48.89       45.35      0.33 -6.6% 0.2%        14.24 2.4%
 TK      6.20       10.05      0.08 63.6% 7.8%        21.44 2.2%
 KNOP    21.30       21.80           -   2.3% 5.1%        49.75 9.5%
 CPLP      3.54         3.51      0.08 1.5% 4.5%        13.78 9.1%
 JQC      8.18         8.28      0.62 8.9% 0.7%        13.64 6.9%
 TGP    17.89       20.50           -   14.6% 1.7%        40.59 2.7%
 EVG    14.46       14.23      0.33 0.7% -0.8%        27.82 6.5%
 PSXP    47.39       53.20      1.03 14.4% 1.6%           8.49 4.9%
 ISBC    13.25       13.74      0.15 4.9% -1.0%           8.93 2.6%
 FDEU    18.40       19.31      0.94 10.1% 2.5%        21.25 7.5%
 LADR    13.01       13.55      0.62 8.9% -0.6%           5.95 9.3%
 NS    37.98       31.32      0.82 -15.4% 4.6%           8.80 14.0%
 RLJ-PA    28.45       26.82      0.98 -2.3% -0.7%        17.05 7.3%
 NRZ    16.56       17.71      1.17 14.0% -1.0%        21.94 11.3%
 SBRA    22.28       18.49      0.91 -12.9% -1.5%        12.80 9.7%
 RILY    15.58       18.15      0.21 17.9% 0.3%        10.89 0.9%
 OCSI      8.68         8.55      0.38 2.9% 1.8%           9.07 8.9%
 DSL    19.47       20.69      1.84 15.7% 2.5%           3.50 8.7%
 TGONF    11.04       13.80      1.79 41.2% 3.8%        16.73 5.1%
 AMID    13.25       13.95           -   5.3% 4.5%        13.25 11.8%
 TOO      2.25         2.60           -   15.6% 10.2%        16.85 1.5%
 O    25.61       55.21    20.93 197.3% -3.2%        65.01 4.6%
 Totals  8.1% 2.0% 6.4%

I have been so disappointed with KCLI.  This is a small (and pretty ill-liquid) life insurer that trades way under BV.  I view it as extremely safe.  But they dropped (I understand) as they had some tax loss carry-forwards that are now worth less under the new lowered corporate tax rates.  Who knew?

You can see TOO had a great first full week for me, up 10.2%.  I just wish I had bought more.  TK was also up nicely at 7.8% (I do own a boatload (haha) of them).  Of course they own part of TOO and TGP. So a little incest in here.

Here are the stocks/holding of the dividend index.  I won't publish these every week.


 Ticker  12/30/2017  Current   Dividend   YTD Change   Weekly Change   Yield 
 AMLP                10.79          11.32                    -   4.9% 4.9%         7.58%
 NML                  9.38             9.85                    -   5.0% 5.0% 6.70%
 EPD                26.51          27.73                    -   4.6% 4.6% 6.01%
 ETP                17.92          18.74                    -   4.6% 4.6% 12.57%
 FDD                13.73          14.07                    -   2.5% 2.5% 2.71%
 VGK                59.15          60.86                    -   2.9% 2.9% 2.63%
 DDAIF                84.57          87.88                    -   3.9% 3.9% 3.94%
 NVS                83.96          86.27                    -   2.8% 2.8% 3.15%
 NOBL                64.04          64.79                    -   1.2% 1.2% 1.72%
 VYM                85.63          86.97                    -   1.6% 1.6% 2.76%
 MRK                56.27          56.99                    -   1.3% 1.3% 3.32%
 PEP              119.92        118.67                    -   -1.0% -1.0% 2.66%
 VNQ                82.98          81.03                    -   -2.3% -2.3% 4.34%
 RQI                12.65          12.43                    -   -1.7% -1.7% 7.72%
 TCO                65.43          64.26                    -   -1.8% -1.8% 3.89%
 SLG              100.93          99.86                    -   -1.1% -1.1% 3.13%
 T                38.88          38.14                    -   -1.9% -1.9% 5.13%
 VZ                52.93          52.48                    -   -0.9% -0.9% 4.44%
 CHL                50.54          50.31                    -   -0.5% -0.5% 3.66%
 DTEGY                17.66          18.04                    -   2.1% 2.1% 3.78%
 DSU                11.70          11.70                    -   0.0% 0.0% 2.34%
 HIO                  5.07             5.06                    -   -0.2% -0.2% 6.94%
 MUB              110.74        110.48               0.21 0.0% -0.2% 2.22%
 PRHYX                  6.76             6.80                    -   0.6% 0.6% 5.40%
 NEA                13.75          13.84                    -   0.7% 0.7% 5.26%
 JNK                36.72          37.03               0.17 1.3% 0.8% 5.55%
 VWITX                14.13          14.13               0.03 0.2% 0.0% 0.00%
 PHMIX                  9.09             9.09               0.03 0.4% 0.0% 2.80%
 UTG                30.94          30.78                    -   -0.5% -0.5% 4.20%
 XLU                52.65          51.33                    -   -2.5% -2.5% 3.41%
 DUK                84.11          81.94                    -   -2.6% -2.6% 4.26%
 EIX                63.24          62.98                    -   -0.4% -0.4% 3.53%
 PFF                38.07          37.97               0.18 0.2% -0.3% 5.61%
 JPC                10.34          10.25                    -   -0.9% -0.9% 7.57%
 WFC-PL          1,309.99    1,295.56                    -   -1.1% -1.1% 5.80%
 TIP              114.08        113.92               0.21 0.0% -0.1% 2.49%
 SHY                83.85          83.78               0.08 0.0% -0.1% 0.98%
 TLT              126.86        125.71               0.26 -0.7% -0.9% 2.46%
 Totals                       -                    -                      -   0.5% 0.5% 4.28%


The tracking of dividends on this portfolio is a real pain.  So I have created a table that approximates the dividends.  It may be off a bit from time to time, but should be pretty accurate in aggregate.

Finally, I have moved my small bank portfolio,  which yields about 2% from Misc to Dividend.  Basically I put holdings in Dividend portfolio if (1) they have a dividend and (2) I plan to hold long term.

 Bank   Start   Current   Dividends   Change   Yield 
 ACBI          16.99          17.95                 -   5.6% 0.0%
 ASB          25.69          25.50                 -   -0.7% 2.2%
 FBIZ          23.69          22.64                 -   -4.4% 2.3%
 FULT          18.81          18.18            0.11 -2.8% 2.4%
 FNB          14.47          13.98                 -   -3.4% 3.4%
 MSBI          32.96          32.90                 -   -0.2% 2.5%
 NRIM          37.47          33.65            0.21 -9.6% 2.7%
 PACW          48.30          50.80                 -   5.2% 4.0%
 SONA          17.13          16.14                 -   -5.8% 2.0%
 WNEB          10.88          10.80                 -   -0.7% 1.1%
 Total  -1.7% 2.3%

Note that the -1.7% is overall for this basket of stocks... not since start if 2018.


Miscellaneous

It was a good week for my Misc holdings.  SELB, EXXI and AUPH were all up in excess of 10%.

Here is my basket of small miners:


 Miner   Start   Current   Change 
 TORXF            9.90             8.30 -16.2%
 SAND            4.48             5.24 17.0%
 NSU            2.38             2.48 4.2%
 KLDX            2.41             2.47 2.5%
 KL          14.49          16.52 14.0%
 GSS            0.87             0.84 -2.7%
 FSM            4.24             5.09 20.0%
 EXK            2.14             2.47 15.4%
 BTG            2.61             2.98 14.2%
 EGO            1.18             1.41 19.5%
 Total  8.8%

Like the banks, this is a cumulative number.  I do have a fair number of biotechs in my Misc portfolio.  I have decided that over time as I sell them (either because they hit their catalyst or did not), that I will change and create a basket approach for biotechs.  I think that will be a less risky approach and still give me some of the excitement of biotechs.

Ok, that is officially the end of my ramble.  Thanks for reading.


1 comment:

jb said...

Thanks for posting. 'Ramble' on all you want, I'll keep reading!
regards,
j