I am not making updates to the portfolio, but I do need to comment on some recent developments. Many of you are probably worried about IBM. I share your concern as the stock has grossly underperformed. I am going to give the CEO a few more quarters to show evidence of a turnaround before making a change. As for McDonald’s, I am also concerned with the CEO’s performance as results have been disappointing and some of his decisions have been questionable. But let’s give him some more time as well while we collect our dividends. As to United Technologies, I was surprised to hear of the resignation of the CEO today (11/24). That is troublesome but again let’s wait and see because I think UTX is a solid company with good growth prospects in several areas. Finally, as to Verizon, which was recently downgraded, I am not worried. The stock is still cheap at 14 times forward earnings and it pays a solid dividend. So hold on despite what Citibank says.