Andrew Schornack
2011 was a particularly tough year for the financial services sector, but there remains significant value in individual names and in the regional banks.
I reduced the portfolio’s heavy concentration in MS at a positive gain to employ into BBY and SVU after significant drops in those positions.
Call me an optimist, but I don't see Europe allowing such a drastic and negative situation to manifest itself to large scale contagion.
I think we are in a near-term bottoming process for the financial sector driven by fear and the unknown unknowns of the European crisis.
I've been adding to the position in my portfolio as the stock trades at a fraction of tangible book value.
The month of September was a surprisingly great month for the overall market with indexes showing strong gains. The portfolio also performed well in the month.
The market experienced a fairly large pull back during the month of August and the portfolio did experience a decline but not nearly as much as the benchmarks, the S&P 500 and XLF, and slightly more than VNQ. Get your FREE weekly summary of Andy Schornack’s trades and performance here.
Disclaimer: Andy Schornack owns LXP, NYB and KKR in his Covestor Financial Services model. August 3, 2010: The month of July was a great month in the overall market. Stocks across the board saw significant gains (Yahoo Finance). The portfolio finished behind the benchmarks, XLF, VNQ, and S&P 500, but […]