July 11, 2012 Comments

In today’s “action” the Dow was down 0.4%, the S&P 500 was flat and Toronto was up 0.3%

Our stock picks did okay… Notably Berkshire was up 1.25% to $84.09. The order I mentioned two days ago to sell 100 of my 1300 Berkshire shares at $100 went through. Bank of America continues to be volatile and was up 2.0% today.

Alimentation Couche-Tard announced earnings today and jumped 4.8% to $48.10. Our last update on the stock was December 11 rated (lower) Strong Buy at $29.29. So, it is up 64% since then. Sadly I had sold my shares at around $38 when it initially jumped several months ago. I hope to update this one within a week. It’s a great company and I respect management a lot. But I suspect it is going to look rather expensive at this price. Couche-Tard is a huge convenience store owner operating under the banners Winks, Macs and Couche-Tard in Canada and mostly under the Circle-K brand in the U.S.. Most of its locations are in the U.S. The recent pending (and large) acquisition that ignited the share price is in Norway. This is a case that proves that sometimes the most mundane of businesses can make big money for investors. (And RIM meanwhile has proven that the most exciting technology companies can sometimes lose big money for investors).

There is no great correlation between excitement and return in the stock market.

There will be some interesting earnings releases on Friday. I am looking forward to Wells Fargo’s earnings on Friday. The market in general seems keen to see what kind of trading loss J.P. Morgan will post on Friday.