Monday, May 23, 2011

Updating The Alpha-D for May 2011

Here comes a super-fast summary of my portfolio.  All options from last month expired unexercised except my equity-covered short calls and cash-covered short puts around my long position in ATHR.  The acquisition will close soon and all of those positions will go away, leaving nothing but some arbitrage profits behind.

I renewed my covered calls in GDX, TDW, and FXI with no changes in my underlying long positions in those equities. 

I added some short-term Treasuries to my fixed income holdings, which for the past few months have consisted of California state muni bonds.  I'm highly confident that the state government takes its obligations to bondholders seriously. 

And for the last time, I have no position in YRCW.  Never have.  Never will.  It just makes a really easy target for criticism with a unionized work force dragging it down. 

A big chunk of my net worth is still in cash.  I await the next leg down in U.S. equities, whenever it may come.