Portfolio Checkpoint - 2006 Q1

Here's what the long-term portfolio currently looks like at the close of the first quarter in 2006.

Notice how lackluster or stellar performance this quarter can cause a position to shrink or grow substantially relative to other positions in the portfolio. Over time, the poorest of performers can shrink to a point where they are no longer really meaningful. Similarly, the strongest performers can grow to dominate your portfolio.

This is why it is nice to monitor the sector allocations of your portfolio to ensure that the portfolio is fairly diversified. I may need to trim the Altria position, but I was really waiting for the eventual break-up to take place. However, my patience grows thin.

Long-term Portfolio (listed in order of position size)

Company Name - Ticker Symbol - % of Invested Portfolio / Change From Previous Checkpoint

1) Altria Group - MO - 18.4% / -1.9%
2) Harrah's Entertainment - HET - 11.1% / +0.4%
3) Student Loan Corp. - STU - 9.1% / +0.3%
4) General Electric - GE - 6.9% / +0.4%
5) Constellation Brands - STZ - 6.0% / -0.5%
6) American Eagle Outfitters - AEOS - 5.7% / +0.9%
7) Eastman Kodak - EK - 5.5% / +0.6%
8) International Gaming Technology - IGT - 5.1% / +0.5%
9) First Marblehead Corp. - FMD - 4.1% / +0.5%
10) *Fortune Brands - FO - 3.9% / +3.9%
11) Capital One Financial - COF - 3.6% / -0.4%
12) Amgen - AMGN - 3.5% / -0.4%
13) North Fork Bancorp - NFB - 3.4% / -0.1%
14) Linear Technology - LLTC - 3.4% / -0.4%
15) St. Jude Medical - STJ - 2.0% / -0.6%
16) Dow Chemical - DOW - 1.9% / -0.3%
17) Sun Bancorp - SNBC - 1.9% / +0.1%
18) Equity Office Properties - EOP - 1.8% / 0.0%
19) Finish Line - FINL - 1.6% / -0.1%
20) Khongzong Corp. - KONG - 1.3% / -0.2%
21) **Juniper Networks - JNPR - 0.0% / -2.2%

* New to Portfolio
** Juniper Networks (JNPR) was dropped from the portfolio on January 30, 2006.

Link to Previous Checkpoint (January 6, 2006)

Note: Percentages do not reflect any cash held in the Portfolio.