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Over the past two weeks, and trading very heavily today, I culled my portfolio of a number of stocks, using the proceeds to create large positions of approximately $175,000 each in Financial Guarantors MBIA (MBI) and Ambac (ABK). Both stocks are trading at multi-year lows and I have done a substantial amount of research which leaves me very enthusiastic about their long term potential. I will write a separate post on why I think these stocks are seriously undervalued.
I sold:
Wireless distributor Tesco (TESS) - I had a nice profit - poor earnings report with low margins
P&C Insuror Chubb (CB) - convenient source of funds, static situation
Homebuilders Pulte (PHM) & Centex (CTX) - not performing well
Proctor & Gamble (PG) - I had a nice profit - basically a defensive position
Office Depot (ODP) - poor pick - poor performance, use funds elsewhere
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