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HCG

Trimmed some HCG at 33.65. This is a stock I hate to sell. I love the management, consistency, growth, ROE, balance sheet, innovation. However, I am looking at more than 50% of return, and regardless how much I love it, I have to trim some. I still have some position and I do not have any intention to sell, unless it fails to deliver Q4/04 (that would be the first HCG for). Moreover, despite a decent start for 2005, I am not too sure where the market is going in the next few months. Therefore, better to raise some cash and take some off the table.