During the trading day Monday, I tweeted the following:
My love for the regional bank names is well documented. I have been harping about their upside paired with relatively minimal risk for the entirety of 2013. While I believe that both SBCF and HMPR continue to possess minimal downside, I have found greater upside opportunities that demand capital. Sitting and waiting for the sludge through the dilution that SBCF faces is not an option in a 4th quarter where fireworks are occurring all around me.
I have companies like KCG that are up 20% in two weeks since making the initial purchase. SBCF was essentially breakeven as a holding over the months it was held. While I appreciate patience and diligence in an investment, I also appreciate the fact that the S&P has turned into Usain Bolt with my job being to run faster than the fastest man of Earth. SBCF isn't allowing that to happen, despite how I feel about the long-term performance of regional bank shares.
We are nearing the end of the month, meaning that the performance summary detailing each holding will be posted shortly. In the meantime, the portfolios are now basically 100% invested in the following: WMIH, CIDM, EVOL, KCG and BFCF. A concentrated portfolio of best ideas.
