A friend of mine is fond of the saying that it’s better to be lucky than good. This has been a source of many discussions over the years. For once I might have to agree.
In my previous post, I was preparing to do a little ‘spring cleaning’ with my portfolios. I was (reluctantly) willing to part with the fees required to reorganize (not re-balance) them. I’m almost done with this round with one transaction (waiting for an ex-div date) and a couple of odd lots to go. I placed the initial sell order on the 20th and subsequently spent the weekend nursing a case of buyer’s (or is that seller’s) remorse. Little did I realize I was going to be the beneficiary of one of the markets crazy mood swings. I’ll use DIS as one example. I sold it at $108.74 (.20 off it’s high for the day). By the time it had settled and the proceeds moved to another broker, I was able to repurchase at $106.64.
Did I realize the market would swoon last week? No. But I was able to use my good fortune to cover my fees, add to a couple of Core positions, initiate a small Canadian portfolio and increase my overall share count. By week’s end my holdings totaled 97 companies leaving 3 slots for upcoming spinoffs (BAX, MSG and BX).
Now to relax a little and let the dust settle …