Monday, October 27, 2008

Purchases on another down day

The broader averages took another hit today, and it is getting to be a common occurrence. Despite the slide, I made additional purchases this morning. All of them were very small buys, and all were common stock. The four I bought (and their current allocations) are:

(common 8.6% of portfolio, calls 1.8%)
Potash (5.3% of portfolio)
LDK Solar (common 3.8% of portfolio, calls 1.0%)
Joy Global (common 5.9% of portfolio, calls 2.2%)

The new position is Potash, as I feel the fundamental thesis behind the company is still intact. The others were additions to existing positions, as I'm averaging them down. Although the call positions have mixed prospects due to varying expiration dates, I intend to hold the common stock positions for the longer term (1-3 years).