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The following is the second of a two-part series. In the first part, Mr. Merkel explains the philosophy and criteria he uses when reshaping his portfolio. The following outlines the portfolio additions and subtractions he made based on those criteria.
Companies in my portfolio are highlighted in yellow, except for the middle company, Allstate (ALL - commentary - Cramer's Take), which is orange. Why the difference? No company above the middle company can be sold, and no candidate below it can be bought, except in rare circumstances, in which valuation cannot be adequately measured by the ranking model. Working up from the bottom, I decide what to sell. If I'm not selling something that rates low, I have to have an explanation for why I am keeping it. What I Did Not Sell
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At the time of publication, Merkel and/or his fund was long Vishay Intertechnology, Komag, Nam Tai Electronics, Bronco Drilling, Barclays, Lithia Motors, Sonic Automotive, Dow Chemical, Lyondell Chemical, St. Joe Company, Sappi, SPX Corp, Sara Lee, DTE Energy, Premium Standard Farms, YRC Worldwide, Tsakos Energy Navigation and Allstate, though positions may change at any time. David J. Merkel, CFA, FSA, is a senior investment analyst at Hovde Capital responsible for analysis and valuation of investment opportunities for the FIP funds, particularly of companies in the insurance industry. Previously, he managed corporate bonds for Dwight Asset Management. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While Merkel cannot provide investment advice or recommendations, he appreciates your feedback; click here to send him an email. Analyst Certification: All of the views expressed in the report accurately reflect the personal views of the research analyst about any and all of the subject securities or issuers. No part of the compensation of the research analyst named herein was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst in this report. Merkel is employed by Hovde Capital Advisors LLC (the "firm"), a registered investment advisor with its principal office located in Washington, D.C. The Firm and/or its affiliates have or may have a long or short position or holding in the securities, options on securities, or other related investments of the issuers mentioned herein. Brokerage Partners
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