We're writing to provide updates about changes we're making to the portfolio.

Buying Activity

1. Ford Motors (F): this morning we added to Ford with an average cost basis for the new purchase of exactly 19.15$/share, bringing the position from 15% to 18% in our portfolio. Shares temporarily dipped down to the $19.00 level and quickly found support here. This area has served to be support in the past month.

2. Advanced Micro Devices (AMD): this morning we added to AMD with an average cost of 137.55$/share, bringing the position from 3% to 5%. Shares are on the move to the downside this morning also following last Friday's decline, in syncrony with how tech stocks are trading generally (worry about inflation hurting value of future earnings), but specifically got hurt in sympathy with Nvidia whose acquisition of Arm Holdings got blocked by the FTC. AMD is also trying to acquire Xylinx but it's close to the end of the year and we haven't heard anything yet.

We wanted to make these two purchases because they have been core positions in our portfolio before, but after their humongous runs in the October- November period that we had to make trims and underweighted those names. Now we're simply buying below where we sold. Our fundamental case for these two companies have not changed.