Friday, June 13, 2008

Adding some financials as part of reallocation

I made many trades today, which resulted in more aggressive positions (e.g. swapping common for calls, moving up to higher strike prices, etc.) in some of my holdings. The details are too numerous to list here. But in summary, these positions are now also (on average) smaller, as I also raised some cash. The notable addition to the portfolio was relatively long-dated calls in JPMorgan Chase (calls 3.7% of portfolio), my first foray into financials since the debacle with First Marblehead (0.3% of portfolio). I exited my First Marblehead calls with minimal losses last year when it started to go bad, but still hold the small allocation of common stock.