I raised some cash at the end of 2013 and entered 2014 rather conservatively. I’ve been pretty much 100% + invested during the past two
years, but I am more cautious now. I ended the month of January down -0.67%.
The earnings disappointment from Apple (Ticker: AAPL
) and MasterCard (Ticker: MA
) did not help. On the
other hand the closing of Spreadtrum Communications and Viropharma contributed
positively to the January results as well as the positive earnings report from
Constellation Brands (Ticker: STZ
). I know Spreadtrum Communications closed in December, but the Puts I sold expired in January so the gain was officially booked in 2014. The only arb position I have open now is RDA
Microelectronics (Ticker: RDA
), which is currently awaiting regulatory approval in the PRC.
Now is not the time to get aggressive, but I do have my shopping list ready.