Addvantage Tech (AEY) is a long time holding of mine and one of the most discussed stocks on the site. It’s doubles as one of my largest holdings and one of my biggest losers. So I was pretty interested in this article by my friend Jonathan over at Booth Laird.
Last week I did a post on ADDvantage (AEY) with some questions I thought would be interesting on the earnings call. A reader was kind enough to ask them, so I wanted to do an update post earnings call (and with the 10-K filed).
Unfortunately, I don’t think I’ll be able to dial into AEY’s conference call. So I wanted to follow up on yesterday’s post featuring questions I would ask AEY’s management with a red flag I picked up from their earnings release. If any fellow shareholder asks them any of these questions, I’d be grateful!
Those of you who have followed me for a while know the ADDvantage Tech (AEY) is one of my favorite net-nets (full disclosure- I am long the stock and it’s one of my two or three biggest positions). The thesis behind the investment is simple: consistent operating profits, potential for strong ROIC, huge management ownership position, conservative balance sheet, and temporarily depressed results (of course, you could read more about all that in my archives!).
Following up on last week’s post on annual results, and my post at the beginning of the year, I thought I’d provide an update on what my current top holdings are.
I’ve mentioned AEY several times, and they remain one of my largest positions.
First, a housekeeping note- sorry for the lack of ideas. I’ve been absolutely swamped at work and haven’t had time to investigate new ideas. I’m not normally one for emoticons, but if I were, I’d put a sad face here.
First, let me say I’ve been quite lax in my posting, and for that I’m sorry. Real life sometimes gets in the way of these things! I will try to respond to all of the backlog of comments in the near future, as well as start posting content soon!
Following up on last week’s earnings updates, another modestly busy week of earnings for my portfolio.
2011 was one of the worst years on record for deep value strategies. Despite a late run by a couple of my stocks (thank you, Ansell!), my portfolio will end the year ~6% down. It’s pretty disheartening to end any year down, but overall I think the year was pretty successful for me as an investor. I’ve only been investing for 3.5 years, and I’m continuing to evolve and improve as an investor- I think that’s pretty clear if you compare the depth and level of analysis from posts at the beginning of the year to recent posts- and given that I plan on managing much larger sums in the future, that’s pretty important. I’m also thrilled with my portfolio today and excited for its prospects heading into 2012.
That said, here are my top 5 holdings heading into the new year- you’ll notice quite a few similarities between these and my top 5 net/net posts earlier.