I sold all of my Lancashire position at a small loss. It was not clear to me why Mr. Brindle resigned as the CEO of the company. I did not like the level of uncertainty when the stock is selling at 1.5 times book. I am sure that the Mr Brindle must have incorporated a value based philosophy in the entire organisation — but without him, I would never buy at these prices. The inevitable conclusion is that I should hold or sell. I felt more comfortable selling.
I added to Kinder Morgan (KMI) and Tesco (TSCO.L), while getting rid of my Land’s End (LE) holdings. All in all, a very subdued month.