Discards – FPI; Reductions – NWL, TJX

Discards – FPI; Reductions – NWL, TJX

Closed FPI position (last remnents of a speculative REIT purchase) – first time was on earnings and discussion, and this last time was on inconsistencies from the CEO on up-coming lease renegotiations.  This is just a bad picture forming and i do not have the stomach or patience to wait and watch dishonest / obscurely speaking CEO.  I swallowed a 9.5% loss in non-taxed account for this mistake.  Key learning from this mistake … do better research on the CEO, the company promises (and how they’re kept), as well as stronger competitor analysis.

NWL position was reduced by 30% in taxable account.  My cost is <$12/share, but i am just running out of confidence in consumer, as well as taking an opportunity to reduce my investments in oil-based plastics.  This was simple housecleaning, no message to risk / reward for the company other than the macro consumer fatigue that i see looming on the intermediate horizon.

TJX position was reduced as well by 30% in taxable account.  The position sold cost was >$77, and i just did not see the patience path to profit and i had gains to offset … take the loss and focus on the lower priced positions that actually have profit potential in near/intermediate term.  TJX is completely out-of-favor, and i have paid the price for underestimating the negative sentiment.  Key learning from this mistake, exaggerate the risk discount in price targets … i was 10% off.

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