First, an amusing anecdote: I received a note from my broker on a stock in my personal portfolio – Westrock (WRK). It has been upgraded from “sell” to “hold”. These kinds of upgrades always amuse me – if I sold the stock based on the recommendation, how can I hold it? As for Westrock, it is a corrugated packaging company (i.e. it makes cardboard boxes). It is up about 74% since the March 2020 lows, so actually the broker may be right to rate it is a hold (although CFRA rates it a “buy”). I believe that the stock is probably good long term stock as the economy is improving and hopefully the company will restore the old dividend soon (it was cut 42% due to COVID).
As for the market in general, I think it is a bit “toppy” now, so if you have profits, it may behoove you to take some now. Here is Jim Cramer’s take on this:
Jim Cramer: Here’s Why I Pulled $100,000 From the Market – RealMoney (thestreet.com)
I have no new commentary on any of the stocks in the growth or income portfolios, other than if you have outsize profits in the some of the growth stocks like Fortinet (FTNT) it may be time to take some of the table (similar to what I advised on VIPS).
That’s about all for now. Also, rather than be redundant with these notes, I will only provide an update if there is something significant to impart. I hope you are well and as always, please feel free to comment below or email me.
Dan
Dan, your notes and comments are well received, certainly not redundant or impertinent; I have truly started to look forward to your “first of the week” update, please continue to do so. Observations regarding any micro or macro economic issues will be appreciated (tax policy, political movements, specific over/under performing companies, etc).