Well, we are busy bailing out of the market because it is getting killed. I think the market is not going to have another year like last year. I have sold a lot of my stocks. Now have 2 longs and one short. It is becoming very difficult to sell without driving down the price of the stocks you are trying to sell. Liquidity is a thing of the past. Tomorrow my short, AMZN reports earnings and I hope it dies.
being short AMZN has got to be a painful experience. of course it's overvalued by us "value" guys but god knows what people are thinking. frankly if it breaks it breaks hard because there is very little short interest.
Still here. NWLI is our 3rd largest position. It used to be our largest position at the end of 2011 and 2012, but sold a bit to make room for some other investments. At year end 2013, it was our 2nd largest position. Yesterday it dropped to 3rd largest, as we sold a chunk to make room for a new position. I expect, but could be wrong, that this will stay a core holding for many years to come.
NWLI remains a top 5 position. I have been increasing cash levels overall (partly through sale of ARDNA which was bought out late 2013). Still staying with the quality companies. Making my buy list for when good values return.
Edward J. Roche
President Freedom Mountain Investments