Since Saul has been kind enough to provide periodic updates on his buys and sells, I thought I would try to give something back by doing the same. So here goes:
Today, I bought BNK (Banker’s Petroleum, on the Toronto exchange) – a 0.3% position, which is a medium-sized position for me. I bought it at $2.31 (Canadian), which appears to be a 52 week low.
Why buy Banker’s Petroleum? Well, its price was literally half of what it was when I first read an article on Seeking Alpha about it, and although it is an oil E&P company, it is in Albania.*
To be honest, though, I am already asking myself why in heaven’s name I bought this stupid company, so I will probably sell these shares in the morning.
I also bought TRIP today, at $36.09, which seemed like a very good price indeed for a stock that is highly regarded by various MF services. Unfortunately, due to a typing error I actually bought TRP, which is an entirely different company. This explains the bargain price.
Still, when I looked at TRP, it seemed OK, so I may keep this stock. It is a Canadian pipeline company tied closely to the Keystone XL pipeline (which is possibly not the absolute best market niche), but I am in a contrarian mood, and at least it is not in South America like BNK.
I sold some INBK today, because it had risen to over 2% of my portfolio, and bought some BOFI (I was actually trying to sell BOFI, for similar reasons, but the IBKR single button trades are confusing, and once I bought the BOFI shares I decided to keep them for now as a trading position).
Yesterday I bought a little bit of FTRPR because I thought it might be fun to own some preferred stock. I am already up more than $6 on this purchase. I also sold an XOM put because, let’s face it, how much lower can XOM go? (Famous last words.) I also bought a bit of NRG because it has a good rating from Morningstar and I like stocks with tickers that sound like what they do (e.g., BOOM). And, I bought a bit more of each stock recommended by the excellent MF Pro (Australia) service.
Now, like Saul, I exhort you – do not simply copy what I do; instead, make your own decisions based on your own research.
Rich
CED
*The Albania point was mentioned in the SA article, with a lot of positive emphasis. I am not actually sure why having oil fields in Albania is a good thing – in fact, I am not really sure where Albania is, although I suspect either in South America or Eastern Europe.
