CI Outlook - Archives

June 2008

May 28, 2008

In late April we sold the last of our inverse index ETF’s, invested more capital into technology ETF’s, and bought shares of Merrill Lynch.  As you know the political environment for brokerage stocks changed quickly and we sold Merrill Lynch in order to limit our loss.  In May we bought Diana Shipping, a dry bulk carrier with a 9% dividend yield.  We believe that Diana could easily return to its old high of $45 per share while paying us a great yield as we wait.  More recently we purchased China Finance Online.  It is a high growth provider of financial data on Chinese companies.  As the Chinese markets stabilize, and demand for Chinese stocks picks up, we believe this company will do well.  Earnings are due out shortly and we should know at that time if its expected growth is continuing.  

The common investment theme among all of these ideas is rapid earnings growth.  In today’s trendless market that growth is the distinguishing factor that can move a stock.  But because the market is trendless, and range bound, most of these movements will be short term in nature.  This may necessitate higher than normal trading in order to protect profits.  We are aware of the potential tax implications of this turnover, and we will take the necessary steps to minimize your taxes while trying to maximize your returns.  

Historically, as the summer progresses, markets experience a slow seasonal rise know as the “summer rally”.  Therefore it is possible that this market, still down 5% on the year, could rally sharply on light volume.  Should that happen, it will likely not be the rally that breaks out to new highs, but may still be quite profitable.  We will be watching closely for opportunities should this rally develop.

As always, we want to thank you for your business and ask you to call us with any questions or comments.

 

CJ Brott               Karen Burns

 


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