Monday, December 12

Today saw a bit of a drawback in the market as a whole. The DJI was up .12% but COMPX and SPX were down .68% and .15% respectively. A few of our positions have been shaken considerably, but we made no closures today.

COTY was particularly hit – down 2.61% as of 1:30. We have no plans to close this position – their cash flow has been hit by the acquisition over the weekend of three new subsidiaries, but in the long run this will boost the NAV. We have adjusted our price target for this position up from 19.50 to 20.25, and are confident that we will hit this mark before the new year.

Our shorter term positions are doing much better – HD is up 1% and TIK is up 8.15%. We anticipate the closure of our position in TIK by the end of the week.

Natural Gas saw a dramatic pullback today – opening down 18% and remaining down 13.54% at time of writing. Moves like this are why we try to avoid holding positions in UGAZ over the weekend, and why Friday near close always sees a pullback in price as investors try to offload some risk.

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