Today we will be SELLING shares in the following holdings Avon (AVP), American National Insurance (ANAT) and Tootsie Roll (TR) at approximately 2:30pm EST.
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Avon (AVP) has achieved our target goal of +10% since we bought the stock in November 2011
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American National Insurance (ANAT) has only gained +1.72% since our September 2011 acquisition
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Tootsie Roll (TR) has declined by –5% since our January 2012 purchase.
We’re offsetting the gains from Avon (AVP) and American National Insurance (ANAT) with the losses of Tootsie Roll (TR). It should be noted that the losses of Tootsie Roll are significantly larger than the gains from AVP and ANAT. However, acknowledging our losses and taking reasonable action in a timely manner is a must. Additionally, we are taking the opportunity to exit out of undesirable investments and building cash holdings as we recommended in our October 15, 2011 posting.