• Luis G. ha respondido al debate Ted SeeksQuality en el foro Estrategia hace 1 año, 4 meses

    Ha vuelto a colgar su cartera, supongo que con el cambio de ID ya no la borrará…

    Pero por si acaso… OJO, hay movimiento de cartera esta semana (lo pego al final).

    Portfolio And Trades


    This portfolio combines our taxable and retirement accounts.

    We are in our «middle years», between the age of 40 and 60. We are focused on long-term capital preservation, and measure our portfolio and progress by total return.

    I intend to blog trades in the comment section, as they occur, but do not promise that they will be either timely or complete. The portfolio will be updated periodically.

    We currently hold 35 different individual securities, not counting REITs or utilities which are tracked and managed separately. The percentages are out of the total of these 35 stocks, representing a little more than half of our total financial assets. Shares that are covered by an in-the-money call option are not included in either the position size or portfolio total.

    Portfolio as of February 27, 2019:

    Oversized holdings: JNJ (9%), DIS (6%), AAPL (6%)

    4% positions: PG, MDT, MMM, KMB, CVS, UNP, MSFT

    3% positions: INTC, HON, CSCO, UL, UTX, SYY, ETN

    2% positions: NKE, GIS, ITW, AMGN, HRL, DEO, VFC, NVS, NSRGY, PEP, T, XOM, RHHBY, HD

    1% positions: BRK.B

    0% positions: REZI, GTX, SBUX

    Option positions:

    Covered Call: AAPL 2019-06-21 @ $170

    Covered Call: SBUX 2019-04-18 @ $67.50

    «Trade executed on February 26:

    * Sold out of SBUX at $71, aside from 100 shares that had been optioned previously at $67.50. (Might as well let that option run to expiration, though I could also choose to roll it forward at that time.)

    * Put most of the proceeds towards HD at $184.I have to thank SBUX for the 21% IRR over the past year and a half, but the increase in leverage has left me less comfortable than when I initiated the position in May 2017 and their strong outlook needs to be balanced against a very high valuation. The CEO running for POTUS would also be a risk factor, at least in the short term. I can return at some future date if the valuation or my comfort level with the leverage improves.

    HD is clearly a higher quality company, also an industry leader, and while their growth potential is a bit lower, the dividend and valuation are 30% superior. With the 32% dividend increase, HD is now in my «sweet zone» for owning companies: a dividend in the 2.5% to 3.0% range, moderate growth outlook, and a valuation between 16x and 20x earnings. A-grade credit. Industry leader. It is hard to own too many companies like this!

    If you review the metrics for SBUX, you will see it misses on all counts but the last. Being an industry leader is a great recommendation, arguably the most important of the above metrics, but it is otherwise not the kind of company I seek to emphasize.»