Monthly update: August 2013

August Transactions 

It seems I have been starting a new position every month. I bought Bouygues, PostNL and then Nam Tai and now I am buying up Weight Watchers. The reasons for this being so is that instead of the companies getting cheaper after I buy them, they have went up drastically. For example, PostNL is up more than 40%, Bouygues 24% and Nam Tai 20% ! This drastic increase in price has eaten into the margin of safety.

I already wrote about Weight Watchers. I am not going to start a huge position in the company because it is in a very competitive industry and they have huge debt. So, probably the position I have bought will remain modestly sized.


BUY WTW 120 shares @38.27 each
SLD WTW 17 Jan 15 $30 Put @3.7 each
BUY AA 17 Jan 15 $5 Call  @3.05 each
BUY BAC 18Jan15 $10 Call @4.4 each — closed position at a loss of $287

DIV 18 shares of SAN
FEE  Sfr 38
Loss for the month = Sfr 325