Friday, November 21, 2008

Quick Update

Over the last few months as we were crashing, I lightened up a bit in a general sense... sold a little here and a little there across the board as the market trended lower. There weren't many holdings that remained untouched as I reduced my overall exposure. I didn't post too many updates about all of it -- a bit depressing in general. Make no mistake... my exposure reduction was not nearly large enough to make a significant difference on my overall portfolio devastation.

However, as a result, some cash was raised. I deployed some of it today picking up additional shares of Wet Seal (WTSLA). Grabbed a block of shares at 1.90 and a smaller piece at 2.09. My stake in the company remains large, and I still have a good deal of confidence that the company will get through this brutal time for all retailers and do well in the future.

I'm probably still in shock about all of this. It's really not fun to watch wealth evaporate. Anyway, have a nice weekend.

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