Investing Update
What I'm buying, selling & watching
With the Dow having its worst week since October, the market presented some buying opportunities. We also saw some rotation out of value and back into growth. The energy and banking sectors have seen rather steep selloffs.
This selloff brought two stocks that I’ve written about on my watchlist down to the prices where I was looking to get in. I anticipate early next week may bring some more selling. Seems like the annual June Swoon selloff that the market sees. With the market still up nicely on the year, I view this as a good time to put some money to work.
With the mid year point approaching, I’m positioning for the next leg higher, which I feel the market takes in the second half. As I rebalance at the end of this month I anticipate to be fully invested with nothing sitting in cash.
Moves I’ve Made
Apple (AAPL) - I did have to trim some as the percentage of my portfolio in Apple got over my threshold for a percentage in any one holding. This still remains my largest holding.
DraftKings (DKNG) - Noted short seller Hindenburg Research published a short sale letter that I reviewed and it didn’t change my long term view of the company. I took this opportunity to buy more shares after it was initially sold off in an overreaction, in my opinion, to the release of the short sale letter.
Oshkosh (OSK) - After the announcement of an electric firetruck platform the stock nose dived. With the drop in stock price and an announcement of a play into the electric technology space, I initiated my position. In a conversation this week with a noted president of an investment bank, she made a great point to me about the company seeing a possible ESG (Environmental, Social & Governance) boost soon.
General Motors (GM) - Another stock that I’ve had my eye on came down to a price where I wanted to initiate a position. This is a company I’ve wanted to be in for quite sometime.
What I’m Watching
Alphabet (GOOGL) & Facebook (FB) - I’ve owned both of these stocks in the past. Apart of FANG, these big tech stocks are always worth keeping an eye on. The reasons for which I originally bought both of these stocks were due to Google buying YouTube and Facebook buying Instagram. With the appointment of big tech critic Lina Khan as FTC chair these are two stocks I’m watching closely. She has penned papers on the breakup of the big tech companies. I welcome this with Google and Facebook because that means spinning off and unlocking the true value of YouTube and Instagram.
Disclaimer: This is not investment advice. You should not treat any opinion expressed as a specific inducement to make a particular purchase, investment or follow a particular strategy, but only as an expression of an opinion.