Sunday, December 03, 2017

November 2017 Performance

November was cruel as my portfolio was up nicely for a good part of the month and then a sell off right at the very end. The November results does not reflect the blow up in Axalta Coating Systems (Ticker: AXTA), which was close to being acquired by Nippon Paint. Nippon Paint couldn’t bump their price and walked away from the deal. This blow up will be reflected in the December results (~ 1% loss from an overall portfolio perspective). I was able to escape with minor wounds from this blow up, but this one really irritates me. This will be a nice lessons learned…

Going into December, I have the following merger arb plays: Aetna (Ticker: AET) (long common) and Buffalo Wild Wings (Ticker: BWLD) (short Puts). Aetna was really a gamble and it looks like it will pay off (we’ll see how it opens Monday). I see Buffalo Wild Wings as a relatively safe arb play with a closing by the end of Q1.

I will try not to do any additional foolish trades for the remainder of the year. So far this year, I’ve had two blowups: Rite-Aid (Ticker: RAD) and Axalta. No matter how small a position you may have, a blowup really stings. Just have to erase it from your mind and move on…

2017 Performance Year to Date = +42.65% with the running monthly returns as follows:

January -4.50%
February +10.18%
March +5.1%
April +4.34%
May +5.67%
June +1.34%
July + 2.76%
August + 4.81%
September + 0.48%
October + 6.57%
November + 0.1%


At December 19, 2017, Anonymous mergerpie said...

sold some Akorn $30 Jan puts at $0.75 each... one month to go..quite a good deal i believe..

At December 21, 2017, Blogger Money Turtle said...

I don't have a position, but looking closely at it. Even with the business deteriorating, I see a very high probability of this deal closing.

At December 22, 2017, Anonymous Anonymous said...

Hello MT / fellow turtles,

We hope all is well. Merry Christmas to you and your families. Peace, Love and Joy this holiday season.

CNBC 12-22-17 Friday morning 9:10am

Note the following quote: CNBC's David Faber noted that many large shareholders like Elliot won't accept $110/share... QCOM is reaching out to NXPI shareholders to see what price would appease them.

QCOM if you are reading / listening this blog, a healthy bump up to $125.00 per share would be a very generous and welcomed offer. Thank You.




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