March 6, 2013 Comments

Well, it was yet another strong day for our stock picks. But we should not get over confident. There will be down days as well and down months and even down years. But right now, all the painful down days (like 2008) seem like a distant memory.

Bank of America was up 3.2%. Toll Brothers was up 1.8 %, Canadian Tire, which is my largest holding was up 0.8%.

The down-side is that many of our stocks have risen substantially since the last updates, and so the bargains are less obvious now, and so I am eager to get more updates done. But it’s a nice problem to have.

Melcor Developments came out with earnings after the close today. The earnings and the report looked quite strong to me. At this point I would wait and see how the market reacts. (Although I will probably trim my position if it rises). I will update that report by Sunday after first seeing where the price settles on the earnings news. However it does trade quite thinly and so the price may take some time to react to the earnings news. They also have a new CEO promoted from within but that does not appear to be a disruptive event at all. (The best run companies usually do promote from within. If a company’s  board of directors can’t find a new CEO from within it means they don’t respect their employees and they don’t think the company has much proprietary knowledge or culture to build on.)

 

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