Reminiscences of a value operator.
Author: mispriced markets
The canaries are singing. I sold my Omnicom stock to put some money in the war chest.
Portfolio alumnus Medifast returns to the fold, replacing takeover target Hibbett.
Back the truck up.
Another blockbuster year. And I reveal the secret to my investing success.
Lowered expectations and a rising stock price have me selling out of this paper manufacturer.
Hibbett Sports makes a return appearance and replaces Designer Brands in the portfolio. I also introduce the 5 year P:E ratio for the first time and use this tool to evaluate my current portfolio holdings.
A value trap snaps shut.
I make a few changes to the portfolio and take this opportunity to complain about value traps some more.
As the covid bull market winds down, everyone is waiting for the other shoe to drop. What better way to pass the time then, than by loading up on yet another shoe company?
A surprisingly good year rounds out the first 5 years of mispriced markets.
What you don’t buy is just as important as what you do.
There are value traps everywhere you look these days. I avoid the temptation to try to grab some of the cheese and instead hunker down in the relative safety of my current holdings.
I decide to climb out before I dig myself any deeper into this hole.
I sell BGSF and declare an official end to a long and lucrative relationship with micro cap stocks. I look past the current market turbulence and review the portfolio from a more optimistic perspective, with an eye to the next business expansion. I also try to figure out where we stand after the recent market mayhem.
Stock market declines have me singing a cheerier tune and adding four new stocks to the portfolio while one gets squeezed out.
A deteriorating near-term outlook has me switching lanes.
I’m taking a dimmer view of market conditions than most, but nonetheless manage to find something sparkly to add to the portfolio.
I sell Essential Energy Services and double down on Linamar and Foot Locker. I claim to rarely be mistaken even though I am frequently wrong. I wonder whether overweighting cash is really a defensive move in this environment and I use my new stock screening spreadsheet to showcase the process I use to find new investments.
A significant acquisition weakens the balance sheet and has me looking for greener pastures.