MFI Diary Weekend Update 3/10/18

MFI Diary Weekend Update 3/10/18

Wow, what an end to the week.  Would have been a bad day to be short.  I saw a number of people on Tuesday night, when Cohn announced his resignation were predicting doom and gloom.

Welcome to the almost world-famous MFI Diary.  This is a diary I have been maintaining since February 2006 (damn, that is a long time) tracking my "adventures" in investing real money in the methods discussed in "The Little Book That Beats The Markets".  I also spend some time discussing my MFI (Magic Formula Investing) Index and various MFI tracking portfolios that I have created over time.

And as a free bonus, I also discuss how my non-MFI investments are doing (generally poorly) in 2nd half of my blog.

I did create a guide recently for new readers to my blog that point you to some key/interesting posts (ar as Artie Johnson used tosay, for the old timers out there, Very interesting). I encourage you to give it a whirl Guide To New Readers).  (PS - I continue to struggle to make this link work.  You can instead go to Blog archive on left margin of this blog and you will find a link in October 2017). 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.

Onwards.

Last Week

One of my best weeks in quite a while.  But it wasn't just me.  The Russell 3000 zoomed up an astounding 3.6 percentage points.  Earnings continue to be strong.  Employment is strong.  Perhaps North Korea tensions may de-escalate. Lower tax rates should really start kicking in for businesses and individuals. I guess higher interest rates are the main worry.

Here is a great interview I read in Barron's. Ed Yardeni is a person I read regularly and is my canary in the coal mine regarding a market sell-off (and I am planning to get his book). [Ed Yardeni: Why Stocks Will Keep On Cooking].

Here is table of my performance last week and YTD.

Component	YTD	Week Change
Overall	+0.7%	+2.9%
MFI Select	+6.5%	+4.3%
MFI Formula	+7.7%	+1.3%
MFI Combined	+7.0%	+2.8%
Miscellaneous	-5.6%	+5.1%
Dividend	-1.4%	+1.8%
Dividend Index	-3.1%	+0.8%
R3K Index	+4.4%	+3.6%
Blended Index	+1.3%	+2.5%
MFI Index	+12.4%	+3.5%
GARIX	+2.8%	+2.5%

So I was up 2.9% for the week, which bested the blended index of 2.5%.  I am now back in the black for 2018, which admittedly does feel good.  My Misc portfolio finally outperformed a bit, up 5.1%.  It still has a ways to go.  The MFI Index was also stellar, up 3.5%. Woo-hoo!

MFI Select

As my 50 readers know, I have two portfolios of MFI stocks with real money.  Select and Formula.  I also track MFI through MFI Index, but that is hypothetical.  And of course any investor will tell you that where the rubber meets the road is when you have real $ on the table.

I started MFI Select in August 2012.  I had quit MFI for about a year and had studies why it had not worked well for me.  My analysis showed that there is a great deal of variance (statistical term) between MFI stocks on the official list.  I dug in to try and find some common characteristics between the "value traps" or "stinkers" on the official list.  A lot of them tended to be biotechs. A disproportionate number were smaller cap stocks.

It isn't rocket science if you have read Greenblatt's book.  If you really look at what he is assuming, it is that past income is a good predictor for future income (trailing 12 month income is a key number in both earnings yield and return on capital).  So before buying an MFI stock, one should ask oneself, what is probability of past income recurring?  For some of the real stinker stocks (think biotech), their income was some one-time royalty payment and that is often not recurring.

My MFI Select is 4 tranches of 5 stocks apiece.  I buy and hold the individual stocks for a year.  I then reinvest the proceeds into a new tranche (lather, rinse, repeat).  At the anniversary dates, I do often add more money (this year I am increasing stakes by about 30%).  Enough blabbering.  Here are the stocks and how they did during this rocket week:

Stock	Last Week	Current	Dividend	Change
MSGN	24.25	25.30	-	4.3%
SIMO	45.72	47.28	-	3.4%
VIAB	34.09	32.72	-	-4.0%
CASA	21.95	26.90	-	22.6%
KLAC	113.01	121.15	-	7.2%
THO	120.45	126.95	-	5.4%
AGX	40.40	42.75	-	5.8%
WDC	88.25	99.55	-	12.8%
EVC	6.50	6.45	-	-0.8%
ICHR	25.30	28.99	-	14.6%
CELG	89.33	92.56	-	3.6%
RHI	57.98	60.51	-	4.4%
MD	54.87	57.58	-	4.9%
QCOM	64.74	63.03	-	-2.6%
GHC	575.90	599.80	-	4.2%
TGNA	22.81	22.80	-	0.0%

CASA had earning during the week.  I have to admit I was a bit underwhelmed with them, but market was very excited.  MD is being rumoured to be going through first round of a sales process.  THO also had earnings. Market seemed to struggle with whether they were good or bad, but eventually gave thumbs up.  And WDC was upgraded.

Here are my four tranches:

5/6/2017	Start	Current	Dividend	Pct Gain	R3K Gain
WSTC	$24.15	$23.50	$0.00	-2.7%	17.4%
TGNA	$25.75	$22.80	$0.28	-10.4%	17.4%
TIME	$15.05	$18.50	$0.08	23.5%	17.4%
MSGN	$23.55	$25.30	$0.00	7.4%	17.4%
QCOM	$54.93	$63.03	$2.28	18.9%	17.4%
Totals				7.3%	17.4%
8/15/2017	Start	Current	Dividend	Pct Gain	R3K Gain
GHC	$591.10	$599.80	$2.54	1.9%	14.3%
ICHR	$19.80	$28.99	$0.00	46.4%	14.3%
MD	$43.00	$57.58	$0.00	33.9%	14.3%
SIMO	$43.05	$47.28	$0.60	11.2%	14.3%
RHI	$44.15	$60.51	$0.76	38.8%	14.3%
Totals				26.4%	14.3%
11/15/2017	Start	Current	Dividend	Pct Gain	R3K Gain
MSGN	$16.67	$25.30	$0.00	51.8%	9.0%
CELG	$100.60	$92.56	$0.00	-8.0%	9.0%
EVC	$5.78	$6.45	$0.05	12.5%	9.0%
SIMO	$46.88	$47.28	$0.30	1.5%	9.0%
VIAB	$24.41	$32.72	$0.20	34.9%	9.0%
Totals				18.5%	9.0%
2/1/2018	Start	Current	Dividend	Pct Gain	R3K Gain
AGX	$43.55	$42.75	$0.00	-1.8%	-0.7%
CASA	$18.81	$26.90	$0.00	43.0%	-0.7%
KLAC	$109.80	$121.15	$0.59	10.9%	-0.7%
THO	$136.33	$126.95	$0.00	-6.9%	-0.7%
WDC	$87.74	$99.55	$0.00	13.5%	-0.7%
Totals				11.7%	-0.7%

Hey, pretty good right?  If I were a hedge fund and just using this approach, I'd be living well.  Clock is ticking on the May tranche and two of its stocks (TIME and WSTC) are no longer in existence.  February is off the a great start, obviously with a large assist from CASA at 43%.

Here is table showing results back to August 2012:

Category/Tranche	August	November	February	May	Total
Initial Investment	25,000	25,000	25,000	25,000	100,000
Current Tranche	26.4%	18.5%	11.7%	7.3%	15.7%
Previous Tranche	-0.1%	42.6%	74.9%	19.1%	35.1%
Tranche -2	2.8%	8.0%	10.7%	-25.2%	-0.9%
Tranche -3	11.2%	69.4%	-14.3%	18.3%	21.2%
Tranche -4	41.4%	14.2%	8.5%	33.0%	24.3%
Tranche -5	14.1%	43.7%	78.3%	0.0%	34.0%
MFI Overall Gain	133.1%	408.0%	258.7%	50.4%	212.5%
Current Balance	58,264	127,012	89,663	37,596	312,534
R3K Current Tranche	14.3%	9.0%	-0.7%	17.4%	10.0%
R3K Overall Gain	119.0%	123.5%	100.4%	87.4%	107.5%
R3K Balance	54,746	55,864	50,093	46,843	207,547
Annualized IRR	16.4%	35.7%	28.4%	8.8%	22.3%

You can see in aggregate my 4 open tranches are up 15.7% versus Russell 3000 at 10.0%.  You can see the previous four tranches were up a very good 35.1%.  And you can see the series of all my tranches in right hand column: 15.7%, 35.1%, -0.9%, 21.2%, 24.3% and 34.0%.  That gives an annualized IRR (bottom right corner) of 22.3%.  Wish I had put 100% of my wealth in this back in 2012!

Here is a table (kind of like mutual funds do) that shows how a hypothetical $100,000 spread over the first four tranches and then lather, rinse repeat would have grown to:

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	104.99%	312,534	207,547

So in under 6 years the $100,000 has grown to 312,534.  The same $100,000 in R3K would be 207,547. Boom.

MFI Formula

While MFI Select allows me to have a very free hand in how I pick my MFI stocks, MFI Formula is very, errrrr, formulaic.  I actually wrote a post about it this week (upcoming April 1st MFI Formula tranche) so look in left margin at past posts and go read it to get a detailed example of how MFI Formula works.  Same tables now, less boom.

Stock	Last Week	Current	Dividend	Change
GILD	78.69	80.72	-	2.6%
OMC	75.65	73.73	-	-2.5%
GME	15.93	15.85	-	-0.5%
SYNT	27.31	27.41	-	0.4%
CSCO	44.06	45.37	-	3.0%
HPQ	23.57	24.65	-	4.6%
AMGN	185.08	191.10	-	3.3%
HRB	24.69	27.69	-	12.2%
BKE	21.30	19.50	-	-8.5%
DIN	78.69	75.72	-	-3.8%
RGR	47.60	50.50	-	6.1%

Nowhere close to as good a week.  HRB did have a very good earnings report, thus the pop.  BKE sold off, I suspect in sympathy to Toys R Us closing their doors - I think all retail was under duress.

4/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
BKE	$18.45	$19.50	$2.75	20.6%	19.3%
CSCO	$33.76	$45.37	$1.16	37.8%	19.3%
GILD	$67.50	$80.72	$1.56	21.9%	19.3%
OMC	$85.53	$73.73	$2.25	-11.2%	19.3%
SYNT	$16.76	$27.41	$0.00	63.5%	19.3%
Totals				26.5%	19.3%
7/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
CSCO	$30.98	$45.37	$0.58	48.3%	15.9%
GME	$20.95	$15.85	$1.14	-18.9%	15.9%
HPQ	$17.60	$24.65	$0.27	41.6%	15.9%
RGR	$60.70	$50.50	$0.44	-16.1%	15.9%
SYNT	$16.21	$27.41	$0.00	69.1%	15.9%
Totals				24.8%	15.9%
10/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
DIN	$43.14	$75.72	$0.97	77.8%	11.0%
GILD	$82.85	$80.72	$0.52	-1.9%	11.0%
GME	$20.50	$15.85	$0.76	-19.0%	11.0%
HPQ	$20.22	$24.65	$0.13	22.6%	11.0%
OMC	$74.80	$73.73	$1.15	0.1%	11.0%
Totals				15.9%	11.0%
1/2/2018	Start	Current	Dividend	Pct Gain	R3K Gain
AMGN	$177.11	$191.10	$1.32	8.6%	3.8%
GME	$18.06	$15.85	$0.38	-10.1%	3.8%
GILD	$71.64	$80.72	$0.00	12.7%	3.8%
HRB	$26.34	$27.69	$0.00	5.1%	3.8%
OMC	$72.81	$73.73	$0.60	2.1%	3.8%
Totals				3.7%	3.8%

While not the stomp fest we are seeing for MFI Select, this is also a very solid group of 4 tranches.  It is hard to beat the index.  There is no shame here and that is why I continue to put more $ into this approach.

Category/Tranche	October	January	April	July	Total
Initial Investment	249,820	249,939	250,180	249,728	999,667
Current Tranche	15.9%	3.7%	26.5%	24.8%	16.2%
Previous Tranche	7.0%	16.5%	25.2%	26.7%	19.5%
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	31.4%	46.5%	58.0%	38.4%	43.6%
Current Balance	328,355	366,235	395,262	345,639	1,435,490
R3K Current Tranche	11.0%	3.8%	19.3%	15.9%	12.5%
R3K Overall Gain	48.9%	40.0%	39.3%	35.0%	40.8%
R3K Balance	371,990	349,931	348,454	337,064	1,407,439
Annualized IRR	8.3%	12.7%	16.8%	12.8%	12.6%

Annualized 12.6% isn't as good as select, but it is good enough to be ahead of benchmark.  And Value stocks appear to be coming back into favor.

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	2.81%	143,549	140,743

I definitely gave back some ground this week.  But for those who read Greenblatt's book know it isn't necessarily a straight line to success.  Many one steps back and then two steps forward.  You certainly see that in differential column here.  Heck, sometimes 3 steps back and one leap forward.

Dividend Investing

Ok.  For those of you wanting to read about magic formula investing, c'est fini.  Now I will discuss my other two legs of my investing tricycle: Dividends and Misc.  My Dividend portfolio is my largest chunk of cash... 41% of total.  This is because I am retired and need/want a regular income stream.  

So this portfolio is not so much about increasing value of my portfolio as increasing income stream. I guess it is human nature to want portfolio to go up, as that generally implies healthy securities.  But I am reinvesting some of my dividends (like SBRA, OIBAX, NS and O), so cheaper prices may actually be good pour moi (yes, I took high school french).

I did see JQC reduced their dividend this week.  NS did so a few weeks earlier, so it is definitely (unfortunately) not always up.  I should note also that I have an array of securities here including mutual funds, closed end funds, preferred stocks, convertible-preferred stocks and stocks.  So I compare my results to an index of 50 income securities put out in Barron's article in December (I will list them as well).

I will say that I have been achieving my goal of increasing dividends.  Here is a chart showing projected dividend income by year - note the spikes in 2017 and 2018 as I retire and reallocate:

Indexed to assume $25000 in 2010

Pretty impressive, right?  Note this is indexed to $25,000 in 2010, amounts are for illustration for privacy.  I now expect this graph to taper off as I do not plan to be actively increasing allocation to income... but it should still grow if I am doing things right.  Also, this is ALL income, not just from my dividend portfolio.  So dividends from MFI Formula (for example) are in this graph.

Here are my dividend holdings.  While I am tempted (all the time) to sell some of these, I try to resist as I am trying for a mix across various security types.  It is hard as I suspect that a preferred stock, like RLJ, will lose value over a rising interest rate environment.  But I want to focus on income and diversity.  Not trying to get rich here (yes, always tempting), but just keep the lights on.  So I know/expect in rising rate environment for many of these securities to be challenged.

Dividend Stocks	Start	Current	Divvy	Overall Pct Gain	Weekly Pct Gain	12/30/17 Price	Yield	2018
OIBAX	5.91	6.04	0.23	6.0%	-0.2%	5.96	3.9%	1.3%
TK	7.43	8.36	0.08	13.5%	6.1%	9.32	2.6%	-10.3%
KCLI	48.89	44.25	0.60	-8.3%	0.6%	45.25	2.4%	-2.2%
KNOP	21.30	20.10	0.52	-3.2%	0.5%	20.75	10.3%	-3.1%
GLOP-PB	25.36	25.19	-	-0.7%	-0.2%	25.36	8.1%	-0.7%
CPLP	3.53	3.19	0.16	-5.3%	1.3%	3.36	10.0%	-5.1%
TGP	18.28	18.85	0.14	3.9%	1.1%	20.15	3.0%	-6.5%
NS	37.37	20.22	1.83	-41.0%	-2.8%	29.95	11.9%	-32.5%
LADR	13.01	15.23	0.93	24.3%	1.5%	13.63	8.3%	11.7%
JQC	8.18	8.06	0.72	7.3%	0.6%	8.22	6.1%	-1.9%
PSXP	47.39	50.80	1.71	10.8%	3.4%	52.35	5.3%	-3.0%
FDEU	18.40	18.45	1.06	6.0%	2.4%	18.83	7.9%	-2.0%
ISBC	13.25	14.34	0.24	10.1%	3.2%	13.88	2.5%	3.3%
EVG	14.46	13.67	0.48	-2.1%	0.6%	14.35	6.7%	-4.7%
RILY	15.58	19.15	0.21	24.3%	0.5%	18.10	3.3%	5.8%
RLJ-PA	28.45	25.74	0.98	-6.1%	-0.9%	27.01	7.6%	-4.7%
NRZ	16.56	16.84	1.17	8.7%	2.9%	17.88	11.9%	-5.8%
SBRA	22.15	18.07	0.62	-15.6%	5.7%	18.77	10.0%	-3.7%
DSL	19.47	19.93	2.14	13.4%	1.1%	20.19	9.0%	-1.3%
OCSI	8.68	7.88	0.38	-4.8%	2.1%	8.40	9.6%	-6.2%
TGONF	11.04	13.00	1.96	35.6%	-1.5%	13.30	5.5%	-2.3%
AMID	13.25	11.95	0.41	-6.7%	2.1%	13.35	13.8%	-10.5%
TOO	2.33	2.53	0.01	8.8%	0.0%	2.36	1.6%	7.2%
O	25.82	50.87	21.40	179.9%	2.3%	57.02	5.2%	-10.8%
Totals				3.2%	1.6%		6.3%	-1.4%

Looking at some individual names here (they are essentially in descending order of value).

KCLI - bit frustrating here.  Lightly traded life insurer trading at like 60% of book value.  Will require patience as not sure what catalyst will be.

GLOP-PB - really like this preferred (actually very tempted to sell RLJ preferred and go all in on GLOP).  It has a floating feature where after 5 years the yield varies with LIBOR.  So it is kind of inflation-sensitive.

TGP - this has a low yield right now (just 3%), but the stock has tremendous earnings visibility (new  ships already chartered), so income (and dividends) should start ramping up in next 12 months.

NS - super frustrating as they have/are merging with general partner, NSH and have slashed dividend. This seems to be a trend in MLP space and is an overhang.  I feel like the medicine has been taken here, so I don't see any more significant downside.

ISBC - largest of my regional bank holdings. not sexy, but should be steady.  I expect tax reform and higher yields to really help this space, so it is a big play for me.  I also expect some consolidation.

RILY - this may be the one I am most tempted to sell.  I have had a good run, but it is not a big dividend stock and upside appreciation seems limited.  I may move to AXS (a p/c insurer). But I want AXS to pull back a bit.  And I only want to make material changes on the quarters. Also, I'd like to wait until RILY gains are LT CG.

TGONF - kind of like KCLI, a sleepy European fund trading way under NAV.  Every now and then they have a tender offer to reduce share count and increase NAV even further.

Here is dividend index:

Ticker	12/30/2017	Current	Dividend	YTD Change	Weekly Change	Yield
AMLP	10.79	10.21	0.21	-3.5%	0.6%	8.25%
NML	9.38	8.56	0.11	-7.6%	-0.3%	7.71%
EPD	26.51	25.84	0.42	-0.9%	2.9%	6.51%
ETP	17.92	17.79	0.57	2.4%	-1.1%	12.45%
FDD	13.73	13.98	-	1.8%	1.1%	2.73%
VGK	59.15	59.47	-	0.5%	2.4%	2.69%
DDAIF	84.57	83.59	-	-1.2%	-0.4%	4.15%
NVS	83.96	82.76	2.75	1.8%	-0.3%	3.60%
NOBL	64.04	64.83	-	1.2%	3.6%	1.72%
VYM	85.63	86.89	-	1.5%	3.0%	2.76%
MRK	56.27	55.14	-	-2.0%	1.4%	3.42%
PEP	119.92	112.54	0.81	-5.5%	3.2%	2.87%
VNQ	82.98	75.58	-	-8.9%	3.0%	4.65%
RQI	12.65	11.64	0.16	-6.7%	2.9%	3.35%
TCO	65.43	57.20	-	-12.6%	-4.5%	4.37%
SLG	100.93	99.61	-	-1.3%	1.8%	3.15%
T	38.88	37.05	0.49	-3.4%	1.9%	5.32%
VZ	52.93	49.01	0.56	-6.3%	1.6%	4.75%
CHL	50.54	46.35	-	-8.3%	0.1%	3.98%
DTEGY	17.66	16.25	-	-8.0%	1.7%	4.21%
DSU	11.70	11.61	0.14	0.4%	1.3%	2.95%
HIO	5.07	4.92	0.06	-1.8%	0.8%	3.44%
MUB	110.74	108.33	0.63	-1.6%	0.0%	2.29%
PRHYX	6.76	6.65	0.06	-0.7%	0.2%	5.40%
NEA	13.75	13.00	0.12	-4.6%	0.2%	5.56%
JNK	36.72	36.09	0.50	-0.4%	0.3%	5.62%
VWITX	14.13	13.87	0.09	-1.2%	-0.1%	0.00%
PHMIX	9.09	8.95	0.10	-0.5%	-0.2%	2.80%
UTG	30.94	28.22	0.32	-7.8%	1.1%	4.20%
XLU	52.65	49.39	-	-6.2%	0.9%	3.55%
DUK	84.11	76.13	0.89	-8.4%	1.0%	4.63%
EIX	63.24	59.38	-	-6.1%	-0.4%	3.76%
PFF	38.07	37.56	0.54	0.1%	0.8%	5.62%
JPC	10.34	9.91	0.13	-2.9%	1.4%	3.29%
WFC-PL	1,309.99	1,289.76	-	-1.5%	1.3%	5.80%
TIP	114.08	112.01	0.63	-1.3%	-0.1%	2.33%
SHY	83.85	83.39	0.24	-0.3%	0.0%	1.07%
TLT	126.86	117.91	0.77	-6.5%	-0.4%	2.62%
Totals	-	-	-	-3.1%	0.9%	4.15%

Down 3.1% on the year.  This is a challenging group.  Warren Buffett (I am sure) would say why would you even consider these?  TCO was telling of retail selloff this week as they own malls.  You can see pressure utilities are under (like DUK) and ever "safe" treasuries (TLT).  I do really like tracking this index as it really gives some macro views.  I will restate that the dividend column is estimated... I am too lazy to update 50 dividends a week for this index.

Then I also own a tranche of small banks (bought at start of December)... generally smaller that the ISBC above but for the same reasons:

Bank	Start	Current	Dividends	Change	2018 Change	Yield
ACBI	16.99	18.10	-	6.5%	2.8%	0.0%
ASB	25.69	26.50	0.15	3.8%	4.3%	2.4%
FBIZ	23.69	24.84	0.14	5.5%	12.3%	2.3%
FULT	18.81	19.45	0.11	4.0%	8.7%	2.3%
FNB	14.47	14.76	0.12	2.8%	6.8%	3.3%
MSBI	32.96	32.49	0.22	-0.7%	0.0%	3.0%
NRIM	37.47	35.65	0.45	-3.6%	5.3%	2.7%
PACW	48.30	54.12	0.50	13.1%	7.4%	3.7%
SONA	17.13	16.33	0.08	-4.2%	1.9%	2.0%
WNEB	10.88	10.65	0.04	-1.7%	-2.3%	1.6%
Total				2.5%	4.7%	2.3%

After after a slow start, they are up 4.7% this year.  Nothing magical about these names, I wanted a basket as I have no way of knowing which are "better" in this space.

Miscellaneous

Hey, finally a good week here.  Up 5%.  Hopefully more to follow.  It might have been great except for crappy earnings by GCAP this week.  That was not a smart buy by me.  I bought as a pick-axe play of Crypto, but that is clearly not playing out as reading their transcript illuminated.  I started to sell some this week, but still have more to sell.

But EXXI, SELB and FUNC were all up over 10%.  FUNC is another small bank (very small in fact) that announced they are reinstating their dividend. Woo-hoo!  Oh even OMER was up 13%.  Just another 70% and I am there!

When I finish selling GCAP. I am not sure what I will do: (1) keep the cash, (2) move to add dividend stocks like AXS or add to a Misc position.  You'll have to stay tuned to find out.

Finally, my miners are also part of Misc.  They continue to struggle though I did read a bullish article by Macrotourist that gives gold a glimmer (get it) of hope.

I think that is it (c'est tout). Love that HS French.  Thanks for reading.

Miner	Start	Current	Change	2018 Change
TORXF	9.90	7.12	-28.1%	-25.1%
SAND	4.48	4.62	3.1%	-7.4%
NSU	2.38	2.35	-1.3%	-3.7%
KLDX	2.41	1.41	-41.5%	-46.0%
KL	14.49	15.57	7.5%	1.4%
GSS	0.87	0.66	-24.2%	-26.2%
FSM	4.24	4.71	11.1%	-9.8%
EXK	2.14	2.46	15.0%	2.9%
BTG	2.61	2.90	11.1%	-6.5%
EGO	1.18	1.11	-5.9%	-22.4%
Total			-5.3%	-14.3%

The Macro Tourist | GOLD - THE NEXT BIG SURPRISE