Some more cleaning

ABB, which sells for 1.38 times sales and 23.2 times FCF, has become too expensive in my opinion. Furthermore, I do not approve of their highly acquisitive nature. I do not think they spend enough time integrating the acquisitions. Time will tell. Meanwhile, I am happy to move to cash instead. I have no position in ABB now.

I sold a part of Tesco which I was holding on the US exchange. I had borrowed USD to support this position. I will move soon buy the position on London exchange.

I closed two of my long dated put positions. One in National Oilwell Varco (NOV) and another in ArcelorMittal (MT). They had already lost a lot of their value and sticking around until Jan 2015 for the rest made no sense to me.

ABB closed@23 = sfr 995
TSCDY 150@$17.48 = $362
MT 17Jan15 = $294
NOV 17Jan15 = $544

Profits from the proceeds: sfr 2,089

With this, cash represents 54% of my portfolio.


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