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Stocks
Relative to the market as a whole, our screens to continue to steer clear of these companies for
are showing that the best places to find value are the time being.
in consumer discretionary, industrials,
healthcare, telecom, and materials.
Market Cap
For the last 90 days, the Materials sector has way, we are nearing the end of 30 years in
continued its price strength due to concerns declining rates and the U.S. government cannot
about Fed monetary policy leading to a falling keep this game going on forever. Nevertheless,
dollar and growing global demand. Utilities and they can keep it going on for a long time so only
Telecom have backed off, being replaced by commit small amounts of money to this trade if
Technology and Consumer Discretionary. We you are interested in investing in this theme.
Treasury yields fell a little on both the long-end 2010, VIX went from 31.7 to 21.2.
and the short-end of the yield curve. However, Simultaneously, the VXX went from 192.9 to
the yield curve continued its flattening. We 52.4 (split adjusted). The VIX declined by -33%
believe falling yields are unsustainable and while the VXX declined by -73%. The ratio of
PAGE 4 MARKET HAVEN MONTHLY
http://hedgedequity.wordpress.com
PAGE 5 MARKET HAVEN MONTHLY
Some Investment Ideas yet. They estimate they added almost 5 million
subscribers during the most recent quarter. We
Here are a few names that have shown up believe at a P/E of 9x, the risk is that RIMM
recently as potential investment ideas on our surprises to the upside from here.
screens. Some of these may appear in the
portfolios. Some may not simply because the Cash America Int’l (CSH) - long
names currently in the portfolio haven’t worked
This company is a little on the smaller side with
their way yet.
a market capitalization of $1 billion. America is
over-indebted and she is trying to de-lever her
Global Payments (GPN) - long
balance sheet. (If we only had a nickel for every
Technology continues to finds its way into every time we said that phrase.) But banks are licking
area of our lives and wallets. And GPN’s their own wounds and are gun shy about
electronic transaction processing services are no lending their capital out again after the last
different. The $3 billion company is taking fiasco. That means cash strapped people will
advantage of the rising global usage of card- increasingly look for alternative sources of
based payment methods that are continuing to funding for short-term cash needs. Enter CSH.
shift away from paper forms of payments. We Cash flow growth has been over 22% annually.
like that 45% of its revenues come from overseas Price-to-book is is 1.4x. Price-to-earnings is
and that they are targeting emerging markets for 8.5x. The price is right. The risk really lies with
future growth. With an ROE of 20% and an how the government steps in to regulate this
earnings yield of 7.6%, they look like a good buy industry. We think the company is worth the
at these prices. risk.
The name Blackberry has become as ubiquitous Adding to general technology theme this month
as blueberry pie. Okay, so that’s not the best is TEO. TEO is a major telecommunications
analogy. But you get our drift. Problem is, services provider to northern Argentina, offering
investors don’t believe they can stand and everything from fixed line to wireless to data.
deliver against the likes of Apple and Google. We believe there’s lots of wireless growth yet to
And the price shows it. Don’t count them out happen in South America and Asia. TEO is very
PAGE 6 MARKET HAVEN MONTHLY
profitable, has low debt, sports a 3.5% dividend General Dynamics (GD) - buy
yield, and has an earnings yield of 20%. There is Kraft Foods (KFT) - buy
a lot of volatility here, but the shares are priced
cheaply.
October 2010
Long Portfolio
Inception Current
Symbol Price Shares Value Gains Today Return First Trade Last Trade Rating
ACN $45.42 320 $14,534.40 $4,439.85 0.18% 43.98% 25-Jun-09 25-Jun-09 Hold
ALGT $49.37 280 $13,823.60 $4,085.76 1.25% 41.96% 25-Jun-09 25-Jun-09 Hold
AMED $27.12 420 $11,389.60 ($10,468.20) 0.44% -47.89% 11-Jan-10 11-Jan-10 Buy
ANR $45.25 370 $16,742.50 $6,909.50 2.93% 70.27% 25-Jun-09 25-Jun-09 Hold
AOB $2.79 3,830 $10,685.70 ($4,419.57) 2.57% -29.26% 19-Nov-09 19-Nov-09 Hold
ARLP $60.64 320 $19,404.80 $9,189.81 2.24% 89.96% 25-Jun-09 25-Jun-09 Buy
ATW $34.33 410 $14,075.30 $4,015.50 2.78% 39.92% 25-Jun-09 25-Jun-09 Hold
BBY $43.71 290 $12,674.45 ($11,206.11) 2.23% -28.25% 24-Jan-07 25-Jun-09 Buy
BYI $37.98 540 $20,509.20 $10,475.95 1.88% 104.41% 27-Mar-09 27-Mar-09 Hold
CEPH $66.99 270 $18,087.30 $3,280.41 0.66% 22.15% 22-Oct-09 22-Oct-09 Hold
COH $52.06 690 $35,921.40 $15,892.60 3.09% 79.35% 1-Jul-08 1-Jul-08 Hold
CTSH $64.40 980 $63,113.08 $62,725.39 0.22% 194.61% 13-Oct-08 6-Nov-09 Hold
DECK $58.77 540 $31,735.80 $21,972.60 2.53% 225.06% 21-Jan-09 6-Jul-10 Buy
ENDP $35.87 460 $16,500.20 $6,469.20 -0.03% 64.49% 21-Jan-09 21-Jan-09 Buy
ESLT $53.28 200 $10,656.00 ($473.96) 1.54% -4.26% 18-May-09 18-May-09 Buy
ESV $49.48 560 $27,708.80 ($1,859.20) 4.63% -6.29% 20-Mar-07 20-Mar-07 Hold
FCX $101.95 310 $31,604.50 $6,701.77 5.01% 26.91% 23-Mar-10 23-Mar-10 Hold
FRX $33.80 580 $19,604.00 ($10,494.00) 0.21% -34.87% 20-Mar-07 20-Mar-07 Hold
GD $68.99 300 $20,697.15 $3,652.25 1.53% 21.43% 27-May-09 27-May-09 Buy
GRMN $31.88 520 $16,577.60 ($6,221.80) 1.98% -27.29% 6-May-08 6-May-08 Hold
HLF $64.99 390 $25,346.06 $10,384.16 2.22% 69.40% 22-Oct-09 22-Oct-09 Buy
HRS $46.98 470 $22,081.45 $7,180.70 1.93% 48.19% 6-Mar-09 6-Mar-09 Hold
HUM $59.21 360 $21,315.64 $6,318.45 -0.60% 42.13% 11-Nov-09 11-Nov-09 Hold
INT $29.25 880 $25,740.00 $12,619.82 1.92% 96.19% 17-Feb-09 8-Dec-09 Hold
JCOM $27.78 650 $18,057.00 $3,128.25 1.35% 20.95% 24-Sep-09 24-Sep-09 Hold
JOYG $73.72 450 $33,174.00 $23,058.18 4.07% 227.94% 21-Jan-09 21-Jan-09 Hold
KCI $39.54 380 $15,025.20 ($2,099.80) 1.10% -12.26% 3-Jun-08 3-Jun-08 Hold
LHCG $26.94 460 $12,392.40 ($2,586.40) 3.22% -17.27% 10-Mar-10 10-Mar-10 Buy
MA $253.62 100 $25,362.00 $5,651.50 0.71% 28.67% 20-Jul-10 20-Jul-10 Buy
MDT $35.65 290 $10,338.50 $228.90 0.68% 2.26% 25-Jun-09 25-Jun-09 Hold
MIDD $74.42 300 $22,326.00 $7,109.20 1.03% 46.72% 22-Oct-09 22-Oct-09 Hold
MUR $67.81 360 $24,411.60 ($4,024.40) 3.18% -14.15% 26-Mar-08 26-Mar-08 Hold
NE $36.23 380 $13,767.40 ($6,505.80) 4.38% -32.09% 31-Jul-08 31-Jul-08 Hold
NOV $58.00 800 $46,400.00 $16,615.00 4.09% 55.78% 20-Mar-07 1-Oct-07 Hold
NTRI $20.92 1,820 $38,074.40 $13,063.90 0.34% 52.23% 4-Mar-08 4-Mar-08 Hold
PCP $142.81 170 $24,277.70 $4,312.50 1.95% 21.60% 3-Jun-08 3-Jun-08 Hold
SOHU $74.70 240 $17,928.00 $4,662.60 -0.15% 35.15% 10-Mar-10 10-Mar-10 Hold
TPC $23.48 830 $19,488.40 ($2,608.57) 1.87% -11.81% 2-Sep-08 2-Sep-08 Buy
UEPS $12.12 780 $9,453.60 ($5,623.29) -0.57% -37.30% 10-Mar-10 10-Mar-10 Buy
WDC $33.59 1,400 $47,026.84 $15,477.24 0.93% 49.06% 18-Sep-07 18-Sep-07 Hold
WMT $55.30 280 $15,484.00 $1,632.23 0.71% 3.73% 24-Jan-07 24-Sep-09 Hold
MARKET HAVEN MONTHLY
Short Portfolio
Inception Current
Symbol Price Shares Value Gains Today Return First Trade Last Trade Rating
ALE $36.42 -580 ($21,123.60) ($1,162.14) -1.08% -5.82% 20-Jul-10 20-Jul-10 Short
AA $13.49 -1,060 ($14,299.40) $647.60 -2.66% 4.33% 19-Oct-09 19-Oct-09 Hold
ACXM $18.09 -1,710 ($30,933.90) ($11,040.11) -0.56% -55.50% 10-Jul-08 10-Jul-08 Hold
ADCT $12.68 -2,070 ($26,247.81) ($12,887.25) 0.00% -28.93% 24-Jan-07 11-Aug-09 Hold
ARAY $6.74 -3,350 ($22,579.00) ($1,029.86) -2.74% -4.78% 14-Oct-08 14-Oct-08 Hold
ARMH $16.58 -2,410 ($39,958.04) ($25,138.93) 2.76% -169.64% 11-Aug-09 11-Aug-09 Short
AYI $52.40 -510 ($26,724.00) ($6,720.84) -2.18% -33.60% 7-Jun-10 7-Jun-10 Short
BAGL $11.33 -1,990 ($22,546.70) $2,550.53 -1.61% 10.16% 14-Apr-10 14-Apr-10 Short
BCO $26.17 -950 ($24,861.50) ($4,897.30) -2.91% -24.53% 7-Jun-10 7-Jun-10 Short
BKS $15.45 -600 ($9,270.00) $5,491.73 -2.93% 37.20% 11-Aug-09 11-Aug-09 Hold
BMS $31.43 -720 ($22,629.60) ($2,531.62) -1.42% -12.60% 11-Sep-08 11-Sep-08 Hold
BXS $13.86 -640 ($8,870.40) $6,081.21 -1.54% 40.67% 18-May-09 18-May-09 Hold
CADX $8.03 -2,510 ($20,155.30) $4,669.86 -2.95% 18.81% 5-May-10 5-May-10 Short
CBSH $37.31 -473 ($17,647.63) $2,250.25 -1.25% 11.31% 31-Jul-08 15-Dec-09 Hold
CFR $54.17 -360 ($19,501.20) $473.18 -1.31% 2.37% 11-Sep-08 11-Sep-08 Hold
CGA $7.88 -1,510 ($11,898.80) $12,972.37 -0.64% 52.16% 14-Dec-09 14-Dec-09 Short
CMA $37.49 -470 ($17,620.30) $2,335.26 -1.32% 11.70% 5-May-10 5-May-10 Hold
CMO $11.49 -2,190 ($25,163.10) ($201.01) -1.32% -0.81% 13-Apr-10 13-Apr-10 Short
CNW $35.00 -330 ($11,550.00) $3,465.61 0.88% 23.08% 11-Aug-09 11-Aug-09 Hold
COG $31.80 -590 ($18,762.00) ($3,963.50) -2.48% -26.78% 27-Mar-09 27-Mar-09 Hold
CRR $87.98 -290 ($25,514.20) ($5,624.84) -2.77% -28.28% 7-Jun-10 7-Jun-10 Short
CRTX $6.40 -4,030 ($25,792.00) ($687.25) -2.24% -2.74% 14-Apr-10 14-Apr-10 Short
CVC $28.69 -480 ($13,771.20) $10,195.37 -3.80% 34.03% 24-Jan-07 12-Mar-09 Hold
CWT $37.71 -350 ($13,198.50) $1,832.32 -1.75% 12.19% 17-Feb-09 17-Feb-09 Hold
CYN $54.00 -320 ($17,280.00) $2,575.28 -1.62% 12.97% 5-May-10 5-May-10 Hold
DUF $14.97 -1,640 ($24,550.80) $436.10 -4.03% 1.75% 5-May-10 5-May-10 Short
EBS $18.05 -1,920 ($34,656.00) ($12,445.82) 0.06% -56.04% 17-Apr-09 29-Oct-10 Hold
EQT $38.55 -480 ($18,504.00) $5,129.91 -2.12% 8.88% 16-Jul-07 18-Dec-07 Hold
EVR $32.30 -1,360 ($43,928.00) ($22,084.57) -2.15% -101.10% 17-Apr-09 17-Apr-09 Hold
EXP $26.17 -830 ($21,721.10) ($1,563.25) -2.79% -7.76% 20-Jul-10 20-Jul-10 Short
FDX $88.44 -260 ($22,994.40) ($3,327.61) -1.14% -16.92% 10-Jul-08 10-Jul-08 Hold
FICO $25.54 -910 ($23,241.40) ($3,164.25) -3.69% -15.76% 20-Jul-10 20-Jul-10 Short
FL $16.23 -1,530 ($24,831.90) ($6,857.45) -0.62% -38.15% 21-Jan-10 21-Jan-10 Short
FO $54.19 -410 ($22,217.90) ($7,156.19) -1.88% -47.51% 18-May-09 18-May-09 Hold
FTR $8.98 -1,040 ($9,339.20) $14,232.98 0.00% 47.58% 24-Jan-07 12-Mar-09 Hold
GEO $25.92 -1,010 ($26,179.10) $2,763.04 -0.50% 6.97% 26-Feb-08 7-Jun-10 Short
GKSR $28.10 -710 ($19,951.00) ($4,851.31) -4.19% -32.13% 19-Oct-09 19-Oct-09 Short
HNR $12.94 -2,510 ($32,479.40) ($13,137.23) -1.25% -67.92% 7-Jun-10 7-Jun-10 Short
HOT $57.36 -520 ($29,827.20) ($12,955.02) -4.01% -76.78% 19-Nov-09 19-Nov-09 Short
HQS $3.35 -2,290 ($7,671.50) $14,189.52 -1.21% 64.91% 17-Apr-09 17-Apr-09 Hold
HTLD $15.27 -1,200 ($18,324.00) $1,379.19 -0.86% 7.00% 11-Sep-08 11-Sep-08 Hold
HUSA $14.41 -2,490 ($35,880.90) ($14,613.17) -1.98% -68.71% 20-Jul-10 20-Jul-10 Short
ICE $113.49 -230 ($26,102.70) ($15,007.91) -0.88% -26.07% 1-Dec-06 13-Apr-10 Short
IDRA $2.82 -4,000 ($11,280.00) $14,100.73 0.35% 55.56% 13-Apr-10 13-Apr-10 Short
IGTE $20.71 -1,660 ($34,378.60) ($14,749.96) -0.49% -75.15% 7-Jun-10 7-Jun-10 Short
JNY $14.75 -770 ($11,357.50) $3,681.71 -1.94% 24.48% 19-Oct-09 19-Oct-09 Hold
KW $10.88 -2,180 ($23,718.40) ($2,545.92) -1.12% -12.02% 21-Jul-10 21-Jul-10 Short
LB $13.44 -2,200 ($29,557.00) ($4,312.18) -8.43% -17.08% 14-Dec-09 14-Dec-09 Hold
LM $34.08 -460 ($15,676.80) ($875.91) -3.49% -5.92% 19-Oct-09 19-Oct-09 Hold
LORL $59.63 -590 ($35,181.70) ($10,161.33) -5.00% -40.61% 5-May-10 5-May-10 Short
LTD $31.02 -770 ($23,885.40) ($8,938.62) -3.95% -59.80% 19-Oct-09 19-Oct-09 Hold
LUX $29.71 -780 ($23,170.68) ($3,144.22) -0.43% -15.70% 5-May-10 5-May-10 Hold
MAKO $10.88 -1,890 ($20,563.20) $4,229.04 -3.72% 17.06% 13-Apr-10 13-Apr-10 Short
MAN $57.63 -380 ($21,899.40) ($1,950.04) -2.42% -9.77% 5-May-10 5-May-10 Short
MCHP $33.97 -790 ($26,837.88) ($11,897.94) -3.35% -79.64% 17-Feb-09 17-Feb-09 Hold
MLM $85.40 -140 ($11,956.00) ($2,320.10) -3.79% -24.08% 6-Mar-09 6-Mar-09 Short
MNTA $16.12 -1,850 ($29,822.00) ($8,781.52) -2.61% -41.74% 20-Jul-10 20-Jul-10 Short
MPWR $15.19 -1,320 ($20,050.80) $2,013.13 9.85% 9.12% 17-Apr-09 17-Apr-09 Short
MYGN $20.91 -920 ($19,237.20) $5,588.26 -1.26% 22.51% 8-Oct-09 8-Oct-09 Hold
N $20.94 -1,760 ($36,854.40) ($14,994.07) 1.32% -68.59% 17-Apr-09 17-Apr-09 Hold
NATI $35.07 -540 ($18,937.80) ($4,005.99) -0.92% -26.83% 19-Oct-09 19-Oct-09 Hold
MARKET HAVEN MONTHLY
NSM $13.96 -1,030 ($14,378.80) $7,528.07 -2.27% 15.64% 16-Jul-07 11-Aug-09 Hold
NVEC $48.74 -350 ($17,059.00) ($4,092.22) -1.27% -31.56% 19-May-09 19-May-09 Hold
OMER $8.16 -2,580 ($21,052.80) ($235.68) -1.75% -1.13% 20-Jul-10 20-Jul-10 Short
OMX $17.68 -1,150 ($20,332.00) ($5,332.69) -4.55% -35.55% 19-Oct-09 19-Oct-09 Hold
ONB $9.86 -1,130 ($11,136.15) $3,864.59 -2.66% 25.76% 18-May-09 18-May-09 Hold
OREX $5.61 -3,620 ($20,308.20) $4,539.78 -4.47% 18.27% 5-May-10 5-May-10 Short
PBCT $12.43 -660 ($8,203.80) $21,408.60 0.24% 72.30% 24-Jan-07 24-Jan-07 Hold
PC $14.47 -1,590 ($23,007.30) ($3,058.34) -1.90% -15.33% 20-Jul-10 20-Jul-10 Hold
PEGA $28.51 -1,030 ($29,365.30) ($14,290.57) -0.67% -94.80% 18-Feb-09 18-Feb-09 Hold
PFS $13.61 -1,510 ($20,551.10) ($5,488.59) -3.58% -36.44% 18-May-09 18-May-09 Hold
PTIE $8.80 -4,020 ($35,376.00) ($12,262.49) -2.56% -21.31% 13-Jul-07 14-Apr-10 Short
PXD $74.93 -350 ($26,225.50) ($11,074.19) -2.13% -73.09% 19-Oct-09 19-Oct-09 Short
RGA $51.23 -470 ($24,078.10) $1,145.97 -1.19% 4.54% 13-Apr-10 13-Apr-10 Short
RIGL $8.15 -2,800 ($22,820.00) ($3,108.74) -3.30% -15.77% 7-Jun-10 7-Jun-10 Short
SFE $15.14 -1,900 ($28,766.00) ($4,263.93) -1.61% -17.40% 6-May-10 6-May-10 Short
SHOO $40.96 -700 ($28,672.00) ($3,766.03) -1.06% -15.12% 5-May-10 5-May-10 Short
STEI $5.74 -3,080 ($17,679.20) $2,190.26 -2.68% 11.02% 5-May-10 5-May-10 Hold
SWK $62.71 -383 ($24,017.93) ($24,017.93) -1.46% 0.00% 15-Mar-10 15-Mar-10 Hold
TIF $55.49 -410 ($22,750.90) ($5,897.74) -2.95% -34.99% 19-Nov-09 19-Nov-09 Hold
TIVO $11.47 -1,740 ($19,957.80) ($7,111.98) -2.96% -55.36% 19-May-09 19-May-09 Hold
TLB $10.31 -1,680 ($17,320.80) $839.53 -3.20% 4.62% 21-Jan-10 21-Jan-10 Hold
TLM $19.71 -1,210 ($23,849.10) ($3,923.54) -2.82% -19.69% 5-May-10 5-May-10 Short
TSN $15.51 -1,790 ($27,762.90) ($12,909.13) -0.85% -86.91% 17-Feb-09 17-Feb-09 Hold
TXI $38.80 -480 ($18,624.00) ($1,500.20) -2.95% -8.76% 19-Nov-09 19-Nov-09 Hold
VRX $27.42 -1,033 ($28,324.76) ($28,324.76) 2.97% 0.00% 27-Sep-10 27-Sep-10 Short
VVUS $6.99 -2,820 ($19,714.62) $5,035.89 1.12% 20.35% 13-Apr-10 13-Apr-10 Short
WTR $21.56 -930 ($20,050.71) $17.45 -1.51% 0.09% 18-Dec-07 18-Dec-07 Hold
WY $16.94 -3,541 ($59,984.54) ($39,967.53) -3.17% -199.67% 20-Jul-10 1-Sep-10 Short
XNPT $8.15 -2,110 ($17,196.50) $2,638.33 -2.00% 13.30% 7-Jun-10 7-Jun-10 Short