Sold the Citigroup written up at 25.90 last month for 35.77 yesterday. Nothing against Citigroup, but any time I can make 38% on a blue chip in less than a month – i.e., never – I’ll grab it. And I do worry there could be a chance to buy it cheaper again.
Yes, selling flies in the face of the buy-and-hold strategy that generally works best (although it was in a retirement account, so there was no tax hit).
And yes, if it were a speculative stock bought for a home run, it could also be a mistake to sell. (If one always sold with a 38% gain, the risk versus reward of taking big risks would change dramatically: from, say, ‘heads, I make 1,000%, tails I lose 100% to ‘heads I make 38%; tails I lose 100%.’) But Citigroup is no nutty little biotech.
The other stocks we bought that lucky day were: EPN (up 43% from $24.75 to $35.52, and still sporting a good yield); MRK (up 29% from $39.10 to $50.64), JNJ (up 24% from $44.16 to $54.90), CSPLF (up slightly from $2.60 to $2.80) and the long-suffering ‘stock that will surely be zero,’ oft chronicled here, BOREF (more or less unchanged at around $3).
PRESS, BATHE, FLUSH
Alan: ‘Forty-nine states have some degree of drought (severe in my state of NC). Do not use a half hour of water to unwrinkle a suit.’
☞ I kept the stopper in, so that the light steamy spray would collect. Later, with a tub half full of water, I took a bath. Then I shut off the water to the toilet temporarily, refilling the tank with cupfuls of water from the tub.*
*Or will, thanks to your admonishment, next time.
JEB’S FURTHER APPOINTMENTS
Following up on yesterday‘s disclosures, here’s a column from the Miami Herald. If you’re a separation-of-church-and-state kind of gal or guy, you might fund it vaguely troubling. As you might, also, Chief Justice William Rehnquist’s 1985 dissenting opinion in Wallace v. Jaffree, where he wrote: ‘The ‘wall of separation between church and State’ is a metaphor based on bad history, a metaphor which has proved useless as a guide to judging. It should be frankly and explicitly abandoned.’
Quote of the Day
Yap islanders ... use special kinds of stones as money. ... Some of them are too large to move, but everyone knows who owns them.~James S. Duesenberry (Money and Credit: Impact and Control)
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