I also remain the proud owner of some California muni bonds that will mature in 2012. They are useful as a deflationary hedge. I bought them at a premium to their face value because their coupons were higher than going rates on Treasuries. The premium nets out against other capital gains; the cash flow from interest is tax free. It is difficult to justify further purchases of fixed income products in a macroeconomic environment where central banks worldwide seem determined to devalue fiat currency. Bonds and cash do poorly when such conditions persist.
I continue to be intrigued by the relative performance of FRO and SFL, two shipping twins I've been watching for years. I missed my chance to buy SFL in 2008 when it was dirt cheap but now I'm tempted to go for it. Bear in mind that the lesson of 2009 is that stocks can go even cheaper, so I'm willing to wait. I'm also strongly considering taking a bearish position on YRCW (actually YRCWD for a while) by either buying puts or going short the stock. I posted an update on YRCW last week and I'm finally tempted to actually make some money from this trucker's sad decline. I'll let you know what I decide in a day or two.
That's all for now. Check back later for more genius updates. I might as well remind people that my disclosures are not investment advice. Consider my discussion to be a form of entertainment. I don't give advice on what other people should do with their money. I certainly don't take advice on what to do with mine.