MFI Diary Weekend Update 3/23/18

MFI Diary Weekend Update 3/23/18

It was not a good week.  Everything feels like coming to a head.  Interest rates continue to ramp up, US sabre-rattling on a trade war, McMaster and Tillerson out of cabinet, govt shutdown barely averted... all this equalled Russell 3000 down 6.3%. Ouch.

The surprising things is that I seem to do better (relatively) when markets are weaker.  Hard to get excited when you drop 4% in a week... but at least that is better than 6.3%. woo-hoo!

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 (very clear this week on 2 of Misc picks).  You should do your own due diligence before acting on anything you read here.

Onwards.
Last Week

I have already touched on the extremely tough sledding this past week.  For those of you who care, I show the Russell 3000 dropped 6.3% on the week and is now 9.4% below its closing peak on 1/26.  So perhaps a stone-throw from being an official correction.  I am down (overall) 8.2% from my high (1/23).   My MFI (real money) portfolios are down much less from highs, 6.6% (select) and 7.4% (formula).  Interestingly, they did not hit their highs in January, but rather early March.

Here is a table showing how my various portfolios have performed year to date and during the past week:

Component	YTD	Week Change
Overall	-4.2%	-4.0%
MFI Select	-0.3%	-6.3%
MFI Formula	+0.5%	-5.4%
MFI Combined	+0.1%	-5.9%
Miscellaneous	-10.3%	-1.0%
Dividend	-4.8%	-3.9%
Dividend Index	-5.5%	-2.8%
R3K Index	-3.1%	-6.3%
Blended Index	-4.1%	-4.8%
MFI Index	+6.5%	-5.3%
GARIX	-1.4%	-3.8%

So overall, I am now down 4.2%... which is basically even with my blended index benchmark (-4.1%).  Oddly, my Misc portfolio was down "just" 1% this week.  It was helped by OMER - which I'll discuss later.  It was also a tough week for MFI Index (a self-created benchmark of 50 MFI stocks) which was down 5.3%, but is still a strong +6.5% for 2018.  Finally, GARIX - a Gotham run MFI mutual fund, which has long/short characteristics hung in there - just down 3.8% on the week.

MFI Select

I have two real $ MFI portfolios that I track every week via this diary.  The first is MFI Select.  I began in in August 2012, after quitting MFI for a year in July 2011.  I had gotten frustrated with MFI and my subpar returns - so I spent a year analyzing my approach and where my "problems' were.

I found that I had too many "stinker" stocks, meaning those down 30% or more in a year.  If you track the top 50 stocks in MFI over time, one item that really stands out is there is a great amount of variance (statistical term) between individual stocks.  My approach to avoid stinkers is back to basics - read the book and think about the characteristics of Jake's bubble gum shop.  Then ask yourself whether a specific stock on list has those characteristics.

My MFI Select is freeform, I allow myself to pick whatever I want, even stocks not on official list based on my own personal screening.  It consists to 4 tranches, with each tranche containing 5 stocks which I buy and hold for a year based upon Greenblatt's guidelines.  Here are my open tranches, each of which is compared against Russell 3000 (R3K) benchmark.

5/6/2017	Start	Current	Dividend	Pct Gain	R3K Gain
WSTC	$24.15	$23.50	$0.00	-2.7%	9.1%
TGNA	$25.75	$20.61	$0.28	-18.9%	9.1%
TIME	$15.05	$18.50	$0.08	23.5%	9.1%
MSGN	$23.55	$22.65	$0.00	-3.8%	9.1%
QCOM	$54.93	$53.66	$2.28	1.8%	9.1%
Totals				0.0%	9.1%
8/15/2017	Start	Current	Dividend	Pct Gain	R3K Gain
GHC	$591.10	$582.90	$2.54	-1.0%	6.2%
ICHR	$19.80	$24.72	$0.00	24.8%	6.2%
MD	$43.00	$54.39	$0.00	26.5%	6.2%
SIMO	$43.05	$45.25	$0.60	6.5%	6.2%
RHI	$44.15	$55.76	$0.76	28.0%	6.2%
Totals				17.0%	6.2%
11/15/2017	Start	Current	Dividend	Pct Gain	R3K Gain
MSGN	$16.67	$22.65	$0.00	35.9%	1.2%
CELG	$100.60	$84.98	$0.00	-15.5%	1.2%
EVC	$5.78	$4.35	$0.10	-23.0%	1.2%
SIMO	$46.88	$45.25	$0.30	-2.8%	1.2%
VIAB	$24.41	$30.14	$0.40	25.1%	1.2%
Totals				3.9%	1.2%
2/1/2018	Start	Current	Dividend	Pct Gain	R3K Gain
AGX	$43.55	$37.90	$0.00	-13.0%	-7.8%
CASA	$18.81	$29.70	$0.00	57.9%	-7.8%
KLAC	$109.80	$108.18	$0.59	-0.9%	-7.8%
THO	$136.33	$110.29	$0.00	-19.1%	-7.8%
WDC	$87.74	$92.34	$0.00	5.2%	-7.8%
Totals				6.0%	-7.8%

Hanging in there.  THO is looking like a poor pick... hopefully not a stinker.  EVC has also hit a tough stretch,  it has fallen from $7.75 back in December to $4.35.  Wow, just saw how far QCOM has fallen, $53.66.  AVGO was offering $80 just 10 days ago.  Double ouch.  Never easy.

Here is a table showing all my tranches (in a summarized fashion... 4 times a year, when I retire a tranche, I list all the stocks I have held in all tranches):

Category/Tranche	August	November	February	May	Total
Initial Investment	25,000	25,000	25,000	25,000	100,000
Current Tranche	17.0%	3.9%	6.0%	0.0%	6.4%
Previous Tranche	-0.1%	42.6%	74.9%	19.1%	34.2%
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	115.6%	345.5%	240.4%	40.1%	185.4%
Current Balance	53,903	111,371	85,088	35,019	285,381
R3K Current Tranche	6.2%	1.2%	-7.8%	9.1%	2.2%
R3K Overall Gain	103.5%	107.5%	86.0%	74.1%	92.8%
R3K Balance	50,863	51,886	46,512	43,533	192,794
Annualized IRR	14.7%	32.2%	26.9%	7.1%	20.2%

Annualized IRR still above 20%, but it took a hit this week.  My current tranches are still leading benchmark, 6.4% to 2.2%.   Here is how MFI Select has performed quarter by quarter assuming I started with $100,000 back in August 2012 spread equally over 1st 4 tranches:

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	92.59%	285,381	192,794

2018 has been a struggle this far.  Here are how my stocks did just during the week,  Warning, there may be some disturbing images in the table below:

Stock	Last Week	Current	Dividend	Change
MSGN	25.05	22.65	-	-9.6%
SIMO	46.78	45.25	-	-3.3%
VIAB	31.65	30.14	-	-4.8%
CASA	31.55	29.70	-	-5.9%
KLAC	120.62	108.18	-	-10.3%
THO	125.89	110.29	-	-12.4%
AGX	40.75	37.90	-	-7.0%
WDC	106.45	92.34	-	-13.3%
EVC	5.15	4.35	-	-15.5%
ICHR	27.64	24.72	-	-10.6%
CELG	89.61	84.98	-	-5.2%
RHI	59.44	55.76	-	-6.2%
MD	57.46	54.39	-	-5.3%
QCOM	60.62	53.66	-	-11.5%
GHC	597.35	582.90	-	-2.4%
TGNA	22.48	20.61	-	-8.3%

Wow.  That is a bad week - I think we can all agree on that.  Feels worse than the 6.3% I showed at top.  In part helped by the fact my first number has a cash ballast (about 30%) which obviously did not drop this week.

Hmm, guess not much else to add.  Hopefully next week will be better.


MFI Formula

My 2nd real money MFI portfolio is named MFI formula.  This is because my picks are based on a formula (of a magic formula) plus a random number generator.  I began it in October 2014.  It alse has 4 tranches of 5 stocks each.  One of my best tranches, April 1st, 2017 is about to hit a year, so stay tuned and you'll see my new picks next weekend.  I will note that despite the market uncertainty, I still intend to go forward with my plan of increasing investment all MFI tranches around 30% in 2018.  The cash is ready to be put to work next week.

Same tables.

4/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
BKE	$18.45	$20.65	$2.75	26.8%	10.9%
CSCO	$33.76	$42.42	$1.16	29.1%	10.9%
GILD	$67.50	$72.84	$2.13	11.1%	10.9%
OMC	$85.53	$70.19	$2.25	-15.3%	10.9%
SYNT	$16.76	$25.61	$0.00	52.8%	10.9%
Totals				20.9%	10.9%
7/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
CSCO	$30.98	$42.42	$0.58	38.8%	7.7%
GME	$20.95	$13.50	$1.14	-30.1%	7.7%
HPQ	$17.60	$21.85	$0.40	26.4%	7.7%
RGR	$60.70	$49.40	$0.67	-17.5%	7.7%
SYNT	$16.21	$25.61	$0.00	58.0%	7.7%
Totals				15.1%	7.7%
10/1/2017	Start	Current	Dividend	Pct Gain	R3K Gain
DIN	$43.14	$65.53	$1.60	55.6%	3.1%
GILD	$82.85	$72.84	$1.09	-10.8%	3.1%
GME	$20.50	$13.50	$0.76	-30.4%	3.1%
HPQ	$20.22	$21.85	$0.27	9.4%	3.1%
OMC	$74.80	$70.19	$1.15	-4.6%	3.1%
Totals				3.8%	3.1%
1/2/2018	Start	Current	Dividend	Pct Gain	R3K Gain
AMGN	$177.11	$169.43	$1.32	-3.6%	-3.6%
GME	$18.06	$13.50	$0.38	-23.1%	-3.6%
GILD	$71.64	$72.84	$0.57	2.5%	-3.6%
HRB	$26.34	$25.50	$0.24	-2.3%	-3.6%
OMC	$72.81	$70.19	$0.60	-2.8%	-3.6%
Totals				-5.9%	-3.6%

Category/Tranche	October	January	April	July	Total
Initial Investment	249,820	249,939	250,180	249,728	999,667
Current Tranche	3.8%	-5.9%	20.9%	15.1%	7.0%
Previous Tranche	7.0%	16.5%	25.2%	26.7%	19.7%
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	17.7%	33.0%	50.9%	27.7%	32.4%
Current Balance	294,148	332,524	377,636	318,811	1,323,119
R3K Current Tranche	3.1%	-3.6%	10.9%	7.7%	4.5%
R3K Overall Gain	38.3%	30.0%	29.4%	25.4%	30.8%
R3K Balance	345,504	324,914	323,830	313,153	1,307,401
Annualized IRR	4.8%	9.2%	14.8%	9.3%	9.5%

Wow, one bad week can sure take a bite out of your annualized IRR.  It was 12ish just a week or two ago.  Now 9.5%.  But all-in-all, beating the benchmark so I can't complain... Bill Ackman should be so fortunate (Hedge fund star Bill Ackman among activists posting lagging results).

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	1.57%	132,312	130,740

Not a huge lead 3 1/2 years in, but a lead nonetheless.

Stock	Last Week	Current	Dividend	Change
GILD	79.74	72.84	-	-8.7%
OMC	73.98	70.19	-	-5.1%
GME	15.42	13.50	-	-12.5%
SYNT	27.10	25.61	-	-5.5%
CSCO	45.01	42.42	-	-5.8%
HPQ	23.51	21.85	-	-7.1%
AMGN	188.24	169.43	-	-10.0%
HRB	27.05	25.50	-	-5.7%
BKE	19.50	20.65	-	5.9%
DIN	65.80	65.53	-	-0.4%
RGR	50.45	49.40	-	-2.1%

Wait a second, is BKE actually in the green this week? Way. To. Go.  DIN was ok as well..  Everything else on the bleak side.  Wow, GME is getting so, so cheap.  seems way oversold, but what do I know?  It is in three tranches above and two of them are right at sinker territory (-30% or worse).

Dividend Portfolio

For those readers who just care about MFI, time to get off the train.  Now I will chatter a bit about my other two investment portfolio: Dividend & Misc Portfolios.

My Dividend Portfolio is actually my largest allocation at about 41%.  I do not plan to grow it any further in the short term, though I am still in growth mode on MFI side (I am increasing them by 30% in 2018 - although that is already counted in the 41% to dividend portfolio).

I know dividend/income portfolios will be challenged in a rising rate environment.  I looked the other day and the 10 year rate has already risen about 50 basis points this quarter.  And basic bond math is high rates = lower prices.  But I know that.  I have tried to pick some income investments that are perhaps less sensitive to rates that things like long treasuries (such as GLOP-PB).  So while I do show overall returns on my dividend portfolio, my real focus is on sustainability/growth of income.  That is its purpose in life.

Dividend Stocks	Start	Current	Divvy	Overall Pct Gain	Weekly Pct Gain	12/30/17 Price	Yield	2018
TK	7.52	7.81	0.07	4.8%	-9.6%	9.32	2.8%	-16.2%
OIBAX	5.91	6.05	0.23	6.2%	0.0%	5.96	3.8%	1.5%
NS	29.41	20.04	0.91	-28.7%	-8.7%	29.95	12.0%	-33.1%
TGP	18.28	18.35	0.14	1.2%	-3.4%	20.15	3.1%	-8.9%
KCLI	48.89	42.90	0.60	-11.0%	0.4%	45.25	2.5%	-5.2%
GLOP-PB	25.36	25.55	0.33	2.0%	0.6%	25.36	5.2%	0.7%
KNOP	21.30	20.05	0.52	-3.4%	-1.0%	20.75	10.4%	-3.4%
CPLP	3.53	3.14	0.16	-6.7%	-4.6%	3.36	10.2%	-6.5%
LADR	13.01	14.62	0.93	19.6%	-2.5%	13.63	8.6%	7.3%
JQC	8.18	7.92	0.76	6.1%	-0.5%	8.22	6.2%	-3.6%
ISBC	13.25	13.19	0.24	1.4%	-7.8%	13.88	2.7%	-5.0%
EVG	14.46	13.38	0.56	-3.6%	-2.1%	14.35	6.9%	-6.8%
FDEU	18.40	17.56	1.06	1.2%	-4.0%	18.83	8.3%	-6.7%
PSXP	47.39	47.00	1.71	2.8%	-6.2%	52.35	5.8%	-10.2%
RLJ-PA	28.45	25.66	0.98	-6.4%	-0.7%	27.01	7.6%	-5.0%
NRZ	16.56	16.49	1.17	6.6%	-4.2%	17.88	12.1%	-7.8%
SBRA	22.15	16.65	0.62	-22.0%	-7.0%	18.77	10.8%	-11.3%
DSL	19.47	19.85	2.29	13.7%	-1.3%	20.19	9.1%	-1.7%
OCSI	8.68	7.97	0.57	-1.6%	2.0%	8.40	9.5%	-5.1%
TGONF	11.04	12.76	1.96	33.4%	-1.1%	13.30	5.6%	-4.1%
TOO	2.33	2.37	0.01	1.9%	-6.7%	2.36	1.7%	0.4%
AMID	13.25	10.15	0.41	-20.3%	-7.7%	13.35	16.3%	-24.0%
O	25.93	49.33	21.31	172.4%	-4.2%	57.02	5.3%	-13.5%
Totals				-0.6%	-3.6%		6.6%	-4.8%

Bit of a challenging week here as well, though just down 3.6% feels like a godsend.  I did mention in a post this week that I sold my RILY (at a very nice gain) and bought more NS.  I do think some of the MLPs, REITs and BDC have been way oversold of late.  Of course after three days this was a bad move as NS dropped 5% post switch wile RILY was flattish.  Luckily, my time horizon is longer than 3 days.  You can see the more bondlike/preferred positions above (RLJ-PA, GLOP-PB and JQC) fared a bit better this past week than some of the REITs and MLPs (SBRA, PSXP and NS).

Then I measure my dividend portfolio against a dividend index (self created from a Barron's Article).  It was down 3% this week, so I did underperform a bit.

Ticker	12/30/2017	Current	Dividend	YTD Change	Weekly Change	Yield
AMLP	10.79	9.31	0.21	-11.8%	-5.9%	9.04%
NML	9.38	8.18	0.17	-11.0%	-3.8%	8.07%
EPD	26.51	24.32	0.42	-6.7%	-4.3%	6.93%
ETP	17.92	16.16	0.57	-6.7%	-4.8%	13.71%
FDD	13.73	13.42	0.15	-1.2%	-3.4%	2.60%
VGK	59.15	57.22	0.38	-2.6%	-3.3%	2.80%
DDAIF	84.57	81.00	-	-4.2%	-4.8%	4.28%
NVS	83.96	78.56	2.75	-3.2%	-4.3%	3.79%
NOBL	64.04	60.74	-	-5.2%	-5.5%	1.91%
VYM	85.63	80.94	0.62	-4.8%	-5.6%	3.03%
MRK	56.27	53.41	0.48	-4.2%	-4.1%	3.58%
PEP	119.92	106.15	0.81	-10.8%	-4.9%	3.03%
VNQ	82.98	73.27	-	-11.7%	-4.3%	4.94%
RQI	12.65	11.39	0.24	-8.1%	-6.6%	4.12%
TCO	65.43	56.03	0.63	-13.4%	-2.4%	4.52%
SLG	100.93	92.94	-	-7.9%	-6.1%	3.38%
T	38.88	34.70	0.49	-9.5%	-6.2%	5.68%
VZ	52.93	46.29	0.56	-11.5%	-4.7%	5.04%
CHL	50.54	44.56	-	-11.8%	-3.6%	4.12%
DTEGY	17.66	15.91	-	-9.9%	-3.3%	4.29%
DSU	11.70	11.65	0.21	1.3%	0.3%	3.53%
HIO	5.07	4.77	0.09	-4.2%	-2.3%	4.11%
MUB	110.74	108.58	0.63	-1.4%	0.1%	2.29%
PRHYX	6.76	6.59	0.06	-1.6%	-0.6%	5.40%
NEA	13.75	12.87	0.18	-5.1%	-0.5%	5.56%
JNK	36.72	35.62	0.50	-1.6%	-1.0%	5.69%
VWITX	14.13	13.86	0.09	-1.3%	-0.1%	0.00%
PHMIX	9.09	8.97	0.10	-0.3%	0.2%	2.80%
UTG	30.94	27.37	0.48	-10.0%	-4.3%	4.20%
XLU	52.65	49.06	0.42	-6.0%	-2.4%	3.49%
DUK	84.11	75.17	0.89	-9.6%	-3.1%	4.69%
EIX	63.24	62.16	-	-1.7%	-4.6%	3.59%
PFF	38.07	37.43	0.54	-0.3%	-0.6%	5.64%
JPC	10.34	9.66	0.20	-4.7%	-1.8%	4.04%
WFC-PL	1,309.99	1,286.00	-	-1.8%	-0.8%	5.80%
TIP	114.08	112.58	0.63	-0.8%	0.3%	2.31%
SHY	83.85	83.50	0.24	-0.1%	0.1%	1.07%
TLT	126.86	120.17	0.77	-4.7%	0.3%	2.57%
Totals	-	-	-	-5.5%	-3.0%	4.36%

NOte it is down 5.5% so far this year, illustrating headwinds against income holdings.  Again you can see a preferred holding like PFF or WFC-PL hung in there pretty well, while an MLP like AMLP was down almost 12%.

I also have a basket of small banks as part of my dividend portfolio.  It was down 6% as well.  Did I mention it was a bad week?

Bank	Start	Current	Dividends	Change	2018 Change	Yield
ACBI	16.99	17.80	-	4.8%	1.1%	0.0%
ASB	25.69	24.35	0.15	-4.6%	-4.1%	2.3%
FBIZ	23.69	24.39	0.14	3.6%	10.3%	2.2%
FULT	18.81	17.45	0.11	-6.6%	-2.5%	2.4%
FNB	14.47	13.11	0.12	-8.6%	-5.1%	3.5%
MSBI	32.96	31.53	0.22	-3.7%	-2.9%	2.7%
NRIM	37.47	34.05	0.45	-7.9%	0.6%	2.7%
PACW	48.30	48.17	0.50	0.8%	-4.4%	4.0%
SONA	17.13	15.33	0.08	-10.0%	-4.4%	2.0%
WNEB	10.88	10.35	0.04	-4.5%	-5.0%	1.5%
Total				-3.7%	-1.7%	2.3%

So now down 1.7% in 2018, reversing a decent YTD gain that I showed last week.  The "Change" column is from when I started this portfolio around Dec 1st, 2017.

Miscellaneous Portfolio

Wonder of wonders, this was actually my best portfolio during this bloody week.  It still remains though my worst wheel of investing trike for 2018, down about 10%.  Thankfully it is my smallest wheel, but it is large enough to be a drag.

The primary reason for this portfolio hanging in there was OMER, a stock that was down about 45% for me in 2018.  The biggest reason they were down is their one drug that they sell was removed from medicare list.  So they were seeing revenues drop off.  I should note I do not really own them for that drug, but rather for their pipeline.  But the catch is that the market feared they would have to raise more money via a secondary as the Omerida was funding the FDA studies on new drugs.

Somehow, in the Republican budget that came out Thursday morning, medicare funding for Omerida was reinstated.  That ended the fear of secondary and stock jumped 35% (as high as 65% in pre market as a huge short squeeze candidate).  Then Friday Trump sent a tweet he didn't like the budget and might not sign it.  OMER dropped 11% or so on that news (plus general crummy market).  Of course Trump did sign bill at end of Friday... so my expectation is OMER pops back up on Monday.  Stay tuned.  OMER ended up 27% on the week for me, amazingly no stocks in Misc were down double digits (common occurrence in other portfolios).

Also, my gold/miners portfolio was up 5% on the week - though it certainly didn't feel like it.  It was helped largely by KLDX getting bought by HL.

Miner	Start	Current	Change	2018 Change
TORXF	9.90	7.48	-24.4%	-21.3%
SAND	4.48	4.82	7.6%	-3.4%
NSU	2.38	2.25	-5.5%	-7.8%
KLDX	2.41	2.35	-2.5%	-10.0%
KL	14.49	15.76	8.8%	2.6%
GSS	0.87	0.63	-26.9%	-28.9%
FSM	4.24	5.15	21.5%	-1.3%
EXK	2.14	2.51	17.3%	5.0%
BTG	2.61	2.76	5.7%	-11.0%
EGO	1.18	0.90	-23.7%	-37.1%
Total			-2.2%	-11.3%

I think that is a wrap.  Let us close with some Schloss wisdom.  Perhaps over the next few months, we may get such a chance.