I made a mistake. That's basically it... my assessment of Dryships (DRYS) and its prospects was faulty. So, I've taken the proper step to address this. I sold the DRYS position today in the 12.40's for a nice 26% loss. Not too happy about this, but that's just part of this game. At least I'll be able to claim a capital loss on this sale. The DRYS position made up 2.5% of the long-term portfolio.
After the sale, this brings the cash position of this portfolio to just over 5%. Still eyeing Abercrombie & Fitch (ANF). Would like to see it pull back below 60, but I might nibble at it sooner.
Been reading Joel Greenblatt's books lately. Maybe some of his value-oriented insights will help guide me in my next purchase.