Jurgis Posted August 24, 2015 Share Posted August 24, 2015 Did not buy anything today either. Did not find anything obviously cheap except NOV. And NOV is still green for the day... ;) Link to comment Share on other sites More sharing options...
Jurgis Posted August 24, 2015 Share Posted August 24, 2015 Maybe it will, maybe it won't. Are you an oracle? Jurgis, Jurgis, Jurgis. Now did I say I was an oracle? No I didn't Jurgis. That was a question. :) Thanks for answering it. :D Link to comment Share on other sites More sharing options...
original mungerville Posted August 24, 2015 Share Posted August 24, 2015 Maybe it will, maybe it won't. Are you an oracle? Jurgis, Jurgis, Jurgis. Now did I say I was an oracle? No I didn't Jurgis. That was a question. :) Thanks for answering it. :D You are welcome Jurgis. Thanks so much for the question, it was very pleasant. Link to comment Share on other sites More sharing options...
ccplz Posted August 24, 2015 Share Posted August 24, 2015 Bought Apple (AAPL) at 102.. low risk decent reward at this price. Biogen (BIIB) also looking cheaper. Link to comment Share on other sites More sharing options...
Uccmal Posted August 24, 2015 Share Posted August 24, 2015 BAC 2017 $17 Leaps JPM Leaps 2017 $65 Some SSW Some WCP - T SSW is at a 4 year low. The dividend will go up 8-10% this year. They have commissioned 5 of the biggest container ships on the Ocean for 10 year leases in the last 8 months. My portfolio is stuffed with great companies that are nearly all trading well into bear market values. The only way up the quality curve is to sell JPM, WFC, RY, to buy BRK. Link to comment Share on other sites More sharing options...
rb Posted August 24, 2015 Share Posted August 24, 2015 My portfolio is stuffed with great companies that are nearly all trading well into bear market values. The only way up the quality curve is to sell JPM, WFC, RY, to buy BRK. RY to BRK would be a big jump up the quality curve. Link to comment Share on other sites More sharing options...
shhughes1116 Posted August 24, 2015 Share Posted August 24, 2015 Bought nothing today... But I have to say, the feeling I get when I see the Dow open down 1,000 points is the same feeling I had as a kid when we showed up to amusement parks like Disney World and Busch Gardens....I just get so damn excited! I hope every day this week are >500 point down days for the Dow... If we are truly lucky, maybe we can shed ~500 S&P points this week. Link to comment Share on other sites More sharing options...
undervalued Posted August 24, 2015 Share Posted August 24, 2015 How much cash do people have at this point? Anyone selling to increase cash or is it not wise to do it after today's plunge? After today plunge, it brings up my cash level to around 10%. Link to comment Share on other sites More sharing options...
Uccmal Posted August 24, 2015 Share Posted August 24, 2015 This correction is all a bunch of reactionary BS. Nothing in the greater economy has changed except a lower oil price which is generally good, or at least economically neutral for the biggest economies. Everybody is over reacting to the Asian sell off. Big companies in the US, EU, Korea, Japan, etc. are all making the same amount they did yesterday, and a week ago. Profits outside of oil are going to go somewhere. 2 Trillion less expenditures from the lower oil price alone, per year as compared to 2013/14. Link to comment Share on other sites More sharing options...
rb Posted August 24, 2015 Share Posted August 24, 2015 Across all accounts I'm about 40% cash. The agony of sitting on all that cash over the past 2-3 years is starting to pay off. I can ease into this market buying slowly as it goes down and get invested at good prices. If the market changes its mind and head back up then I'll still have cash and some extra profits. Whether you should sell or not, I don't think today's movement should make any difference. If you have overvalued stocks then sell them. If you have reasonably valued good stuff keep it. The only difference bad markets make is give you an opportunity to upgrade the quality of your portfolio. I think that's what a lot of people on this board should be thinking of. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted August 24, 2015 Share Posted August 24, 2015 Bought nothing today... But I have to say, the feeling I get when I see the Dow open down 1,000 points is the same feeling I had as a kid when we showed up to amusement parks like Disney World and Busch Gardens....I just get so damn excited! I hope every day this week are >500 point down days for the Dow... If we are truly lucky, maybe we can shed ~500 S&P points this week. Yea - I'm excited too. I could definitely be wrong, but multiple massive down days with extreme volatility and low volume don't seem to be "normal" occurrences. I am biased, but I am thinking this may be the beginning of the long-awaited for correction. My portfolio has taken a massive beating since it's been very focused on Europe (down to flat due to Euro depreciation) and EM/commodity companies for the last two years. I am happy to see that my recent efforts to lower leverage, hedge U.S. equity downside, and sell call options against a lot of positions appears to be paying off some and am looking to build positions at even more attractive prices. I don't have much cash since I just liquidated 10% of my portfolio to cover some expenses, but I've got puts at about 35-40% notional value of the portfolio along with 5% in cash and another 5% in bonds so I'll be alright if it continues to dump. Most of my portfolio isn't all that correlated with U.S. equities and so I'm hoping for something idiosyncratic to drive returns to FNMA, Fairfax, FCAU, etc. to drive up returns so I can rotate profits into new positions at better prices. Some U.S. equities like Whole Foods and Outerwall are looking mighty attractive to be adding to... This correction is all a bunch of reactionary BS. Nothing in the greater economy has changed except a lower oil price which is generally good, or at least economically neutral for the biggest economies. Everybody is over reacting to the Asian sell off. Big companies in the US, EU, Korea, Japan, etc. are all making the same amount they did yesterday, and a week ago. Profits outside of oil are going to go somewhere. 2 Trillion less expenditures from the lower oil price alone, per year as compared to 2013/14. The stock market and the economy don't have to move in the same direction. At these valuations, stocks could easily take a large correction/bear market even as the economy recovers. I believe that valuation is the #1 driver of forward looking returns. Studies have pretty much proven that on a generalized level across all stocks. If valuations aren't attractive (they're not), then it's possible for equities to do terrible regardless of the economy and trend in profits. It's an easier sell if you have a recessionary thesis, but it's certainly not necessary. Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted August 24, 2015 Share Posted August 24, 2015 How much cash do people have at this point? Anyone selling to increase cash or is it not wise to do it after today's plunge? After today plunge, it brings up my cash level to around 10%. If you weren't bearish before today, then I don't see why you would increase your cash position after today. Your portfolio positioning should probably be made independent of the daily market gyrations. The only information we should take from any day's market movements is the price available to enter/exit positions and how attractive that is on an absolute basis. I'm sure there are exceptions, but in general that's how I would look at it. Link to comment Share on other sites More sharing options...
rpadebet Posted August 24, 2015 Share Posted August 24, 2015 Bought RLGT and a little bit of BIDU today (mostly to do force myself to do more research this week). At around 15-20% correction, I will probably use up my recently raised cash and start using my margin. I think I might even restart selling SPY put LEAPS if it gets to 13 fwd PE (The Buffet trade) to raise cash/float. I did this successfully in 2013, 2014 which I closed out this year in June. I don't care about volatility much, so this kind of works for me. Carefully watching 2017 Dec put LEAPs . Link to comment Share on other sites More sharing options...
CorpRaider Posted August 24, 2015 Share Posted August 24, 2015 Really? After a market that has gone straight up for so many years, we get a relatively small decline like this and everyone is excited about getting a deal! Nobody thinks it will go lower? I didn't buy sh*t today, FWIW. But I did put in some stupid orders that just didn't fill. VIG @ $50; MKL at 680; WFC-WT @ $15; MAT @ $20 for example. Link to comment Share on other sites More sharing options...
petec Posted August 24, 2015 Share Posted August 24, 2015 FFH. I liked it before and now it's getting more valuable every day and the price is falling. Heaven ;) I'm about 30% cash and 22% FFH (my biggest position by far). As for this all being reactionary BS...let's hope so. But with valuations high, monetary policy tapped out, huge global imbalances unwinding, and commodities/currencies collapsing along with global trade, maybe not. Commodity savings don't lead to 1-1 additional spending elsewhere because some of the saving is, well, saved. Which is deflationary, and that's dangerous in an epically indebted world. So while I'm in awe of those with the balls to invest in levered cyclicals after what might only be the beginnings of a downturn (economic, not market), I am not one of them! Link to comment Share on other sites More sharing options...
Uccmal Posted August 24, 2015 Share Posted August 24, 2015 Bought nothing today... But I have to say, the feeling I get when I see the Dow open down 1,000 points is the same feeling I had as a kid when we showed up to amusement parks like Disney World and Busch Gardens....I just get so damn excited! I hope every day this week are >500 point down days for the Dow... If we are truly lucky, maybe we can shed ~500 S&P points this week. Yea - I'm excited too. I could definitely be wrong, but multiple massive down days with extreme volatility and low volume don't seem to be "normal" occurrences. I am biased, but I am thinking this may be the beginning of the long-awaited for correction. My portfolio has taken a massive beating since it's been very focused on Europe (down to flat due to Euro depreciation) and EM/commodity companies for the last two years. I am happy to see that my recent efforts to lower leverage, hedge U.S. equity downside, and sell call options against a lot of positions appears to be paying off some and am looking to build positions at even more attractive prices. I don't have much cash since I just liquidated 10% of my portfolio to cover some expenses, but I've got puts at about 35-40% notional value of the portfolio along with 5% in cash and another 5% in bonds so I'll be alright if it continues to dump. Most of my portfolio isn't all that correlated with U.S. equities and so I'm hoping for something idiosyncratic to drive returns to FNMA, Fairfax, FCAU, etc. to drive up returns so I can rotate profits into new positions at better prices. Some U.S. equities like Whole Foods and Outerwall are looking mighty attractive to be adding to... This correction is all a bunch of reactionary BS. Nothing in the greater economy has changed except a lower oil price which is generally good, or at least economically neutral for the biggest economies. Everybody is over reacting to the Asian sell off. Big companies in the US, EU, Korea, Japan, etc. are all making the same amount they did yesterday, and a week ago. Profits outside of oil are going to go somewhere. 2 Trillion less expenditures from the lower oil price alone, per year as compared to 2013/14. The stock market and the economy don't have to move in the same direction. At these valuations, stocks could easily take a large correction/bear market even as the economy recovers. I believe that valuation is the #1 driver of forward looking returns. Studies have pretty much proven that on a generalized level across all stocks. If valuations aren't attractive (they're not), then it's possible for equities to do terrible regardless of the economy and trend in profits. It's an easier sell if you have a recessionary thesis, but it's certainly not necessary. Of course. There are, and have been great values around since April/May, especially in companies peripheral to oil, and now in financials. Its not like April 2009, and I am really doubtful it gets remotely that bad. Link to comment Share on other sites More sharing options...
DTEJD1997 Posted August 24, 2015 Share Posted August 24, 2015 Hey all: I bought some PNNT. I am only starting to research it. I pulled the trigger a little early as markets were moving so fast today... I really don't like BDC's, but this one appears to be one of the higher quality ones. Selling at a big discount, nice dividend, good track record. Looks promising. Link to comment Share on other sites More sharing options...
vinod1 Posted August 25, 2015 Share Posted August 25, 2015 I envy you guys. I was at Busch Gardens today and yet managed to miss the excitement. JPM at $50! I am pissed. Vinod Link to comment Share on other sites More sharing options...
Jurgis Posted August 25, 2015 Share Posted August 25, 2015 I envy you guys. I was at Busch Gardens today and yet managed to miss the excitement. JPM at $50! I am pissed. Vinod Very few got JPM at $50. My Fido order filled at $58 I think. Link to comment Share on other sites More sharing options...
no_free_lunch Posted August 25, 2015 Share Posted August 25, 2015 Also traded my OAK position for BRK. I don't know if that is smart or not, now that things are getting distressed it's probably a good time to hold OAK. Nevertheless the market offered me friday's closing price for OAK and -4% for BRK so I took it. If nothing else, I have a better idea of how to value BRK. I put no new cash on the table today just swapped up the quality chain where possible. Link to comment Share on other sites More sharing options...
meiroy Posted August 25, 2015 Share Posted August 25, 2015 I bought some cash by selling puts (for companies I would own). The volatility premium is yummy. Tried to fish for fun but caught nothing. Agree 100% with Uccmal that underlying US economy is doing just fine, so far. Expecting rate hike in September. What better time than when there's already a mess? Why wait for it to calm down and mess it up again? Surprising no one is mentioning GS, they got bashed because of the penalties, same same like JPM. And they will gain from all this volatility. Uccmal, Why did you buy the BAC 17s and not the BAC 15s? That's strange... isn't it like saying that you are expecting a quick shot up? Thanks. Link to comment Share on other sites More sharing options...
Lance Posted August 25, 2015 Share Posted August 25, 2015 Closed more IWM puts and bought JNJ and XIV. Thanks, Lance Link to comment Share on other sites More sharing options...
rb Posted August 25, 2015 Share Posted August 25, 2015 Closed more IWM puts and bought JNJ and XIV. Thanks, Lance Just wondering.. what's your reasoning for JNJ? I sold it a few years ago for about 15% less than it is now. I like their businesses but I feel they kinda lost their way. Link to comment Share on other sites More sharing options...
simplefocus Posted August 25, 2015 Share Posted August 25, 2015 BABA is below IPO price. I'm interested in purchasing some shares. Any thoughts? Link to comment Share on other sites More sharing options...
vinod1 Posted August 25, 2015 Share Posted August 25, 2015 I envy you guys. I was at Busch Gardens today and yet managed to miss the excitement. JPM at $50! I am pissed. Vinod Very few got JPM at $50. My Fido order filled at $58 I think. You are right. It looks like the $50 price is a one off. Vinod Link to comment Share on other sites More sharing options...
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