NEW YEAR, NO ACTION

NO RESOLUTION

It's hard to believe that the first week of the New Year is over and I had done absolutely nothing! I am being cautious, obviously as I am getting comfortable in my new office. I do not want to give anyone any reason for potential conflicts. On the other hand, I am fully invested, and I do not have any new money (wouldn't it nice if the New Year also brought some new money) to work with. The market was strong and I am happy to sit here and enjoy myself. I am up about 2.2%, approximately exactly the market did. I am looking closely though to see if there are any positions which I could take some profits off. Unfortunately, I has not found any. This return is pretty much generated by the recovery of some losers, not by the new profitable positions. If the market runs like this for another week, I have to look it harder and I may have to take some profits systematically regardless of their returns.