As George Washington says to Hamilton in the great Hamilton Musical, "Dying is easy, Living is hard". So it is with investing. "Investing is easy, beating the markets is hard".
It continues to be a struggle for me - all due to my miscellaneous portfolio. I try to hit too many home runs there and end up striking out a lot. OMER and NMM were my latest whiffs.
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 - 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
I seemingly had a good week, up 2.5%. But the R3K was up 4.3% and the Dividend Index was up 1.8%, which blends to 3.6%. It is frustrating to underperform, but hey - at least I am upfront about it. That being said, what this diary is really about, MFI, is doing great here in 2018.
Here is table of performance so far in 2018:
| Component | YTD | Week Change |
| Overall | -2.1% | +2.5% |
| MFI Select | +2.0% | +3.3% |
| MFI Formula | +5.3% | +5.5% |
| MFI Combined | +3.6% | +4.4% |
| Miscellaneous | -9.8% | +1.1% |
| Dividend | -2.9% | +1.6% |
| Dividend Index | -2.3% | +1.8% |
| R3K Index | +2.1% | +4.3% |
| Blended Index | +0.3% | +3.6% |
| MFI Index | +8.6% | +6.7% |
| GARIX | +1.8% | +2.9% |
One can see the R3K benchmark is 2.1%. All the MFI measurements look decent against that - my MFI combined is 3.6%, the MFI Index is 8.6% (wow) and GARIX is 1.8%.
But my dividend portfolio is -2.9% and misc is an atrocious -9.8%. The proverbial match in the dynamite factory is being carried by moi.
Here is a table I only show occasionally. This shows my MFI Index (50 stocks at start of year from official screen - reconstituted once a year) by year, both for the year and inception to date back to 2006 (bold = MFI win:
| Annual | Inception to Date | |||
| Year | Russell | MFI | Russell ITD | MFI ITD |
| 2006 | 11.40% | 15.03% | 11.40% | 15.03% |
| 2007 | 4.09% | -6.69% | 15.96% | 7.34% |
| 2008 | -37.05% | -37.97% | -27.00% | -33.42% |
| 2009 | 32.51% | 45.18% | -3.27% | -3.34% |
| 2010 | 18.38% | 22.77% | 14.50% | 18.67% |
| 2011 | -0.56% | -10.47% | 13.87% | 6.25% |
| 2012 | 16.43% | 9.70% | 32.57% | 16.56% |
| 2013 | 33.01% | 51.70% | 76.34% | 76.82% |
| 2014 | 12.26% | 12.07% | 97.95% | 98.15% |
| 2015 | 0.38% | -8.95% | 98.33% | 89.37% |
| 2016 | 12.50% | 13.19% | 110.62% | 101.16% |
| 2017 | 20.82% | 4.74% | 133.65% | 105.95% |
| 2018 | 2.08% | 8.64% | 138.51% | 123.75% |
I know MFI has lost to benchmark over time. But that gap is narrowing; 138.5% to 123.8%.
MFI Select
As my 50 readers know (ok, a few more than that from time to time), I have two real money MFI portfolios that I track here. The first is MFI Select. As the name infers, these are MFI stocks that I select pretty much free form. I started this approach in August 2012 and it consists of 4 tranches of 5 stocks each. I pick most of my stocks from the official screen, but I do run my own screens and occasionally pick from there.
I began MFI Select after quitting MFI for a year back in 2011. I had started MFI back in 2006, but tossed in the towel in 2011 from frustration. The "problem" with MFI is there has always been a great deal of variance amongst individual stocks. There are just some real stinkers on the screens. It is critical to keep these (I define a stinker as a stock that drops 30% or more) away from real money. In all my tracking, stinkers have been about 1 in 7, 14%.
Here are how my stocks fared in what was a great week for the markets post the 'correction'.
| Stock | Last Week | Current | Dividend | Change |
| MSGN | 23.25 | 25.05 | - | 7.7% |
| SIMO | 44.61 | 44.77 | - | 0.4% |
| VIAB | 32.87 | 33.50 | - | 1.9% |
| CASA | 18.04 | 19.27 | - | 6.8% |
| KLAC | 100.90 | 107.52 | 0.59 | 7.1% |
| THO | 127.57 | 124.83 | - | -2.1% |
| AGX | 39.50 | 40.40 | - | 2.3% |
| WDC | 80.59 | 84.91 | - | 5.4% |
| EVC | 6.50 | 6.80 | - | 4.6% |
| ICHR | 21.34 | 25.17 | - | 17.9% |
| CELG | 92.51 | 95.26 | - | 3.0% |
| RHI | 53.22 | 56.20 | - | 5.6% |
| MD | 53.94 | 56.61 | - | 4.9% |
| QCOM | 63.99 | 64.85 | - | 1.3% |
| GHC | 577.00 | 599.85 | - | 4.0% |
| TGNA | 22.41 | 23.54 | - | 5.0% |
| Average | 4.7% |
I don't think I need to tell anyone that that is a good week. ICHR is wild, seems to swing 5% plus, up and down, every week. QCOM has a bid for $80 from AVGO - I will be voting in favor of it.
Here are my 4 tranches:
| 5/6/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| WSTC | $24.15 | $23.50 | $0.00 | -2.7% | 14.9% |
| TGNA | $25.75 | $23.54 | $0.21 | -7.8% | 14.9% |
| TIME | $15.05 | $18.50 | $0.08 | 23.5% | 14.9% |
| MSGN | $23.55 | $25.05 | $0.00 | 6.4% | 14.9% |
| QCOM | $54.93 | $64.85 | $1.71 | 21.2% | 14.9% |
| Totals | 8.1% | 14.9% | |||
| 8/15/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| GHC | $591.10 | $599.85 | $2.54 | 1.9% | 11.9% |
| ICHR | $19.80 | $25.17 | $0.00 | 27.1% | 11.9% |
| MD | $43.00 | $56.61 | $0.00 | 31.7% | 11.9% |
| SIMO | $43.05 | $44.77 | $0.60 | 5.4% | 11.9% |
| RHI | $44.15 | $56.20 | $0.48 | 28.4% | 11.9% |
| Totals | 18.9% | 11.9% | |||
| 11/15/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| MSGN | $16.67 | $25.05 | $0.00 | 50.3% | 6.6% |
| CELG | $100.60 | $95.26 | $0.00 | -5.3% | 6.6% |
| EVC | $5.78 | $6.80 | $0.05 | 18.5% | 6.6% |
| SIMO | $46.88 | $44.77 | $0.30 | -3.9% | 6.6% |
| VIAB | $24.41 | $33.50 | $0.20 | 38.1% | 6.6% |
| Totals | 19.5% | 6.6% | |||
| 2/1/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AGX | $43.55 | $40.40 | $0.00 | -7.2% | -2.9% |
| CASA | $18.81 | $19.27 | $0.00 | 2.4% | -2.9% |
| KLAC | $109.80 | $107.52 | $0.59 | -1.5% | -2.9% |
| THO | $136.33 | $124.83 | $0.00 | -8.4% | -2.9% |
| WDC | $87.74 | $84.91 | $0.00 | -3.2% | -2.9% |
| Totals | -3.6% | -2.9% |
Overall, still pretty decent. My most recent tranche, Feb 1st, is not exactly off to a roaring start. My 10 rejects are doing better, down 1.3%. But November and August are strong tranches. May is down to just 3 stocks as TIME and WSTC have been bought. So its upside is hampered.
| Category/Tranche | August | November | February | May | Total |
| Initial Investment | 25,000 | 25,000 | 25,000 | 25,000 | 100,000 |
| Current Tranche | 18.9% | 19.5% | -3.6% | 8.1% | 9.6% |
| Previous Tranche | -0.1% | 42.6% | 74.9% | 19.1% | 36.0% |
| 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 | 119.1% | 412.4% | 209.5% | 51.5% | 198.1% |
| Current Balance | 54,783 | 128,102 | 77,366 | 37,863 | 298,114 |
| R3K Current Tranche | 11.9% | 6.6% | -2.9% | 14.9% | 7.6% |
| R3K Overall Gain | 114.2% | 118.6% | 96.0% | 83.3% | 103.0% |
| R3K Balance | 53,561 | 54,650 | 49,001 | 45,833 | 203,046 |
| Annualized IRR | 15.3% | 36.4% | 25.1% | 9.1% | 21.5% |
Here is table of summary of all tranches. The 21.5% annualized IRR continues to stun me. The 198.1% overall gain means if I had started with $100,000, I have almost tripled it. (readers should remember this table is more hypothetical as it assumes one never adds extra dollars. I have regularly added extra dollars at anniversary dates of tranches and last year and this year have been increasing stakes significantly (30 to 35%)).
Finally, here is a quarter by quarter table documenting the growth of hypothetical $100,000.
| 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 | 95.07% | 298,114 | 203,046 |
Pretty good, right? that is a russell 3000 stomp.
MFI Formula
This is my 2nd real money MFI portfolio. while in "select", I have free form in how I pick my stocks, in formula I follow a set of "rules". (1) run official screen for 50 stocks over 120m. (2) filter the list to largest 34 by market cap. (3) filter list further to those with dividend yield 2.4% or greater. And (4) randomly select 5 stocks from remaining list (usually 10 to 12 names).
This formula is based on my analysis of MFI stocks since 2006. Sometimes I don't like the names - that is why I force a random number generator. At times I get same names in multiple tranches. I live with that.
Here is how the stocks did this past week (very, very well):
| Stock | Last Week | Current | Dividend | Change |
| GILD | 79.32 | 80.70 | - | 1.7% |
| OMC | 76.95 | 78.72 | - | 2.3% |
| GME | 16.17 | 16.40 | - | 1.4% |
| SYNT | 21.48 | 26.87 | - | 25.1% |
| CSCO | 39.53 | 44.33 | - | 12.1% |
| HPQ | 20.11 | 21.40 | - | 6.4% |
| AMGN | 173.46 | 183.55 | - | 5.8% |
| HRB | 24.92 | 28.04 | - | 12.5% |
| BKE | 21.40 | 21.95 | - | 2.6% |
| DIN | 53.91 | 54.67 | - | 1.4% |
| RGR | 49.55 | 50.30 | - | 1.5% |
SYNT and CSCO each had strong earnings this past week. Not sure about HRB pop. OMC had not so good earnings, but still was up 2.3%.
| 4/1/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| BKE | $18.45 | $21.95 | $2.75 | 33.9% | 16.8% |
| CSCO | $33.76 | $44.33 | $1.16 | 34.8% | 16.8% |
| GILD | $67.50 | $80.70 | $1.56 | 21.9% | 16.8% |
| OMC | $85.53 | $78.72 | $1.65 | -6.0% | 16.8% |
| SYNT | $16.76 | $26.87 | $0.00 | 60.3% | 16.8% |
| Totals | 29.0% | 16.8% | |||
| 7/1/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CSCO | $30.98 | $44.33 | $0.58 | 45.0% | 13.4% |
| GME | $20.95 | $16.40 | $0.76 | -18.1% | 13.4% |
| HPQ | $17.60 | $21.40 | $0.27 | 23.1% | 13.4% |
| RGR | $60.70 | $50.30 | $0.44 | -16.4% | 13.4% |
| SYNT | $16.21 | $26.87 | $0.00 | 65.8% | 13.4% |
| Totals | 19.9% | 13.4% | |||
| 10/1/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| DIN | $43.14 | $54.67 | $0.97 | 29.0% | 8.6% |
| GILD | $82.85 | $80.70 | $0.52 | -2.0% | 8.6% |
| GME | $20.50 | $16.40 | $0.38 | -18.1% | 8.6% |
| HPQ | $20.22 | $21.40 | $0.13 | 6.5% | 8.6% |
| OMC | $74.80 | $78.72 | $0.55 | 6.0% | 8.6% |
| Totals | 4.3% | 8.6% | |||
| 1/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AMGN | $177.11 | $183.55 | $1.32 | 4.4% | 1.5% |
| GME | $18.06 | $16.40 | $0.00 | -9.2% | 1.5% |
| GILD | $71.64 | $80.70 | $0.00 | 12.6% | 1.5% |
| HRB | $26.34 | $28.04 | $0.00 | 6.5% | 1.5% |
| OMC | $72.81 | $78.72 | $0.00 | 8.1% | 1.5% |
| Totals | 4.5% | 1.5% |
Don't go too fast here. Savor it. Three of my four tranches are winning. And July and April are winning handily. Woo-hoo.
| Category/Tranche | October | January | April | July | Total |
| Initial Investment | 249,820 | 249,939 | 250,180 | 249,728 | 999,667 |
| Current Tranche | 4.3% | 4.5% | 29.0% | 19.9% | 13.4% |
| Previous Tranche | 7.0% | 16.5% | 25.2% | 26.7% | 19.4% |
| 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 | 18.2% | 47.7% | 61.0% | 32.9% | 40.0% |
| Current Balance | 295,383 | 369,067 | 402,808 | 331,972 | 1,399,230 |
| R3K Current Tranche | 8.6% | 1.5% | 16.8% | 13.4% | 10.1% |
| R3K Overall Gain | 45.7% | 37.0% | 36.3% | 32.1% | 37.7% |
| R3K Balance | 363,910 | 342,299 | 340,942 | 329,769 | 1,376,919 |
| Annualized IRR | 5.1% | 13.2% | 17.9% | 11.4% | 11.9% |
So annualized IRR is 11.9%. That is solid. And look, my 4 current tranches are up average of 13.4% versus 10.1% for benchmark. Doesn't seem huge, but if you can win by 3 points a year over time - compounding starts to really work in your favor.
Then here is quarter by quarter movements of the $100,000. See if you see anything special about most recent quarter:
| 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 | 2.23% | 139,923 | 137,691 |
Wow! Do a little jig! Back in the lead. Now do not get too excited. While this is first lead since start of 2017 (at quarter ends), I have had interim leads before. Definitely still a horse race.
Dividend Portfolio
Ok, for those here just for MFI... i am done. But I also have two other real money portfolios that I chart here for posterity... certainly not for bragging. My dividend portfolio is actually my largest $ portfolio - as a retired person I am now trying to generate an income stream.
| Dividend Stocks | Start | Current | Divvy | Overall Pct Gain | Weekly Pct Gain | 12/30/17 Price | Yield |
| OIBAX | 5.91 | 6.08 | 0.21 | 6.4% | 1.3% | 5.96 | 3.9% |
| TK | 7.37 | 7.47 | 0.10 | 2.8% | -1.7% | 9.32 | 2.9% |
| KCLI | 48.89 | 42.90 | 0.60 | -11.0% | -0.9% | 45.25 | 2.5% |
| KNOP | 21.30 | 21.15 | 0.52 | 1.7% | 6.5% | 20.75 | 9.8% |
| GLOP-PB | 25.36 | 25.02 | - | -1.3% | 0.7% | 25.36 | 8.2% |
| CPLP | 3.53 | 3.15 | 0.16 | -6.4% | 3.6% | 3.36 | 10.2% |
| TGP | 18.28 | 18.80 | 0.14 | 3.6% | 2.5% | 20.15 | 3.0% |
| NS | 37.37 | 24.15 | 1.83 | -30.5% | -0.6% | 29.95 | 9.9% |
| LADR | 13.01 | 14.78 | 0.62 | 18.4% | 2.9% | 13.63 | 8.5% |
| JQC | 8.18 | 8.08 | 0.72 | 7.6% | 0.2% | 8.22 | 7.1% |
| PSXP | 47.39 | 50.25 | 1.71 | 9.6% | 2.0% | 52.35 | 5.4% |
| FDEU | 18.40 | 18.88 | 1.06 | 8.4% | 4.9% | 18.83 | 7.7% |
| ISBC | 13.25 | 13.92 | 0.24 | 6.9% | 5.1% | 13.88 | 2.6% |
| EVG | 14.46 | 13.73 | 0.41 | -2.2% | -0.2% | 14.35 | 6.7% |
| RILY | 15.58 | 19.15 | 0.21 | 24.3% | -0.5% | 18.10 | 2.5% |
| RLJ-PA | 28.45 | 25.55 | 0.98 | -6.8% | -0.1% | 27.01 | 7.7% |
| NRZ | 16.56 | 16.89 | 1.17 | 9.0% | 3.6% | 17.88 | 11.8% |
| SBRA | 22.28 | 17.00 | 0.63 | -20.8% | 2.0% | 18.77 | 10.6% |
| DSL | 19.47 | 19.83 | 2.14 | 12.9% | -0.7% | 20.19 | 9.1% |
| OCSI | 8.68 | 7.81 | 0.38 | -5.6% | 1.0% | 8.40 | 9.7% |
| TGONF | 11.04 | 13.10 | 1.79 | 34.9% | 0.4% | 13.30 | 5.3% |
| AMID | 13.25 | 12.10 | 0.41 | -5.6% | 0.0% | 13.35 | 13.6% |
| TOO | 2.33 | 2.45 | 0.01 | 5.4% | 8.9% | 2.36 | 1.6% |
| O | 25.82 | 49.96 | 21.18 | 175.5% | 2.2% | 57.02 | 5.1% |
| Totals | 2.0% | 1.6% | 6.5% |
If you look at 12/31/17 price and current price, you can see TK, NS, SBRA and O have all been problematic in 2018. I typically do not get too bent out of shape about drops in price as I am really focused on income (the 6.5% yield) shown here. But NS did cut their distribution by 40%... so that is real income removed from my pocket.
Now income stocks/securities in general are under duress here in 2018 as 10 year treasury rates have risen and rising rates for bonds => lowered prices. Here is the dividend index I measure against:
| Ticker | 12/30/2017 | Current | Dividend | YTD Change |
| AMLP | 10.79 | 10.61 | 0.21 | 0.2% |
| NML | 9.38 | 9.21 | 0.11 | -0.6% |
| EPD | 26.51 | 26.41 | 0.42 | 1.2% |
| ETP | 17.92 | 18.55 | 0.57 | 6.7% |
| FDD | 13.73 | 14.16 | - | 3.1% |
| VGK | 59.15 | 60.15 | - | 1.7% |
| DDAIF | 84.57 | 90.29 | - | 6.8% |
| NVS | 83.96 | 86.91 | - | 3.5% |
| NOBL | 64.04 | 64.37 | - | 0.5% |
| VYM | 85.63 | 86.08 | - | 0.5% |
| MRK | 56.27 | 56.29 | - | 0.0% |
| PEP | 119.92 | 111.06 | - | -7.4% |
| VNQ | 82.98 | 75.30 | - | -9.3% |
| RQI | 12.65 | 10.91 | 0.16 | -12.5% |
| TCO | 65.43 | 60.74 | - | -7.2% |
| SLG | 100.93 | 96.20 | - | -4.7% |
| T | 38.88 | 37.14 | 0.49 | -3.2% |
| VZ | 52.93 | 50.15 | 0.56 | -4.2% |
| CHL | 50.54 | 47.89 | - | -5.2% |
| DTEGY | 17.66 | 16.33 | - | -7.5% |
| DSU | 11.70 | 11.50 | 0.14 | -0.5% |
| HIO | 5.07 | 4.89 | 0.03 | -3.0% |
| MUB | 110.74 | 108.63 | 0.42 | -1.5% |
| PRHYX | 6.76 | 6.68 | 0.03 | -0.7% |
| NEA | 13.75 | 13.26 | 0.12 | -2.7% |
| JNK | 36.72 | 36.32 | 0.33 | -0.2% |
| VWITX | 14.13 | 13.89 | 0.06 | -1.3% |
| PHMIX | 9.09 | 8.98 | 0.06 | -0.5% |
| UTG | 30.94 | 28.86 | 0.32 | -5.7% |
| XLU | 52.65 | 50.12 | - | -4.8% |
| DUK | 84.11 | 76.70 | - | -8.8% |
| EIX | 63.24 | 61.05 | - | -3.5% |
| PFF | 38.07 | 37.08 | 0.36 | -1.7% |
| JPC | 10.34 | 9.68 | 0.13 | -5.1% |
| WFC-PL | 1,309.99 | 1,275.00 | - | -2.7% |
| TIP | 114.08 | 111.80 | 0.42 | -1.6% |
| SHY | 83.85 | 83.44 | 0.16 | -0.3% |
| TLT | 126.86 | 118.71 | 0.51 | -6.0% |
| Totals | - | - | - | -2.3% |
Down 2.3% overall (note my dividend portfolio is down 2.9%... sigh). It is tough sledding here.
Finally, I do have a group of 10 smallish banks in my dividend portfolio. They are just below breakeven... so in today's dividend world I guess that is good, but I am not thrilled.
| Bank | Start | Current | Dividends | Change | Yield |
| ACBI | 16.99 | 17.45 | - | 2.7% | 0.0% |
| ASB | 25.69 | 24.90 | - | -3.1% | 2.4% |
| FBIZ | 23.69 | 24.68 | 0.14 | 4.8% | 2.3% |
| FULT | 18.81 | 18.95 | 0.11 | 1.4% | 2.4% |
| FNB | 14.47 | 14.51 | - | 0.3% | 3.4% |
| MSBI | 32.96 | 31.33 | 0.22 | -4.3% | 2.9% |
| NRIM | 37.47 | 33.75 | 0.21 | -9.4% | 2.6% |
| PACW | 48.30 | 54.40 | 0.50 | 13.7% | 3.7% |
| SONA | 17.13 | 16.10 | 0.08 | -5.5% | 2.0% |
| WNEB | 10.88 | 10.20 | 0.04 | -5.9% | 1.6% |
| Total | -0.5% | 2.3% |
I keep waiting for consolidation in this space. But crickets so far.
Miscellaneous
Do I have to write about this busted leg in my stool? Luckily it is the smallest leg of my three legged investing stool (MFI, Dividends and Misc) - but it is not inconsequential. I am trying to maintain conviction with my picks, but am down 9% on the year.
Past week was dreadful. NMM announced a secondary offering and promptly dropped 12%. Then OMER was targeted by short sellers and was off over 20% on the week. I know I have volatile names in my Misc portfolio, but didn't think it was all downwards volatility! (Ok I was up 1.5% this week on this portfolio, so I did have some winners - GLNG for example).
Anyway, as I said I am trying to have conviction behind picks and tune out the "noise". But when the various stocks have their "catalyst", be it good or bad, I will back away. I did sell WLL for a 20% loss this week. It was just a bad impulsive decision that I need to stop making.
As part of Misc, I do own 10 smallish gold/mining stocks. These are never dull, rising 6% one day and dropping 4% the next:
| Miner | Start | Current | Change | 2018 Change |
| TORXF | 9.90 | 10.19 | 2.9% | 7.2% |
| SAND | 4.48 | 4.83 | 7.8% | -3.2% |
| NSU | 2.38 | 2.21 | -7.1% | -9.4% |
| KLDX | 2.41 | 1.55 | -35.7% | -40.6% |
| KL | 14.49 | 14.86 | 2.6% | -3.3% |
| GSS | 0.87 | 0.73 | -15.7% | -18.0% |
| FSM | 4.24 | 4.60 | 8.5% | -11.9% |
| EXK | 2.14 | 2.29 | 7.0% | -4.2% |
| BTG | 2.61 | 2.91 | 11.5% | -6.1% |
| EGO | 1.18 | 1.12 | -5.1% | -21.7% |
| Total | -2.3% | -11.1% |
Have a great 3 day weekend everyone! Snow here tonight (4 to 8").
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