of My Financial Analysis of StocksGoogle Sites1 2013: Before 7 for 1 Stock Split
View Financial Analysis on Apple 2013

Carl Icahn just announced that he bought $1 billion worth of shares in Apple. I revisited my analysis on Apple and it shows that it is undervalued. It has more room to head higher. Once Carl Icahn sells, I am planning to dump all of my shares in Apple.
Intelligent Investorii@equitybondtheory.comapple2013before7for1stocksplit6 of Warren Buffett's Purchase of Heinz
View Financial Analysis on Heinz 2013

So, Warren Buffett purchases Heinz (HNZ) and I was curious to see why. Looking at the financial statements, this company has low Net Margins, but the balance sheet looks really good. The low net margins can be easily fixed by making the operations more efficient. He probably purchased it because of the brand name. In addition, Heinz ketchup tastes better than Del Monte or Hunt's ketchup.

Intelligent Investorii@equitybondtheory.comanalysisofwarrenbuffettspurchaseofheinz5 Research 2013
View Financial Analysis: My Research 2013

I am comparing Discover Financial Services (DFS), Visa (V), and Mastercard (MA). And it looks like Visa will make a strong investment. 

As far as Verizon (VZ), the 10-year earnings history does not look good. AT&T's 10-year earnings history looks better.

Disney (DIS) seems like it has a Durable Competitive Advantage. They sell a product that hasn't changed - Mickey Mouse - generations after generations kids will always buy into Mickey and go to Disneyland. Their financial statements also looks good. But the stock is currently expensive.

 I also analyzed  Green Mountain Coffee Roasters (GMCR) to see what the big fuss is about. It seems like GMCR has something unique. Coca-cola made a huge investment in GMCR and they were recently bought out by a hedge fund. 

As a side note, I also took a look at Lionsgate (LGF), but their 10 year earnings history, financial statements or balance sheet does not look good.
Intelligent Investorii@equitybondtheory.commyresearch20136 Analysis on Morningstar's 5-Star Rated Stocks in 2014
View Financial Analysis: Morning Star 2014

Schlumberger (SLB) should be the only company that should be rated 5 stars, everything else is a high-risk investment. I wouldn't be surprise if people would lose money investing in Mornings Star's 2014 5-Star stock picks.

If the stock is not a good investment, the calculations on my spreadsheet will show a ton of errors. I really don't understand how could Yamana Gold (AUY) even be a 5-star investment. Petrobras (PBR) looks like it has some serious accounting issues. Inconsistencies show in both the Income Statement and the Balance Sheet.
Intelligent Investorii@equitybondtheory.comfinancialanalysisonmorningstars5starratedstocks5 Stock Holdings 2015
View Financial Analysis: My Stock Holdings 2015

Sold Exxon Mobil (XOM) because Warren Buffett sold it.

Sold Microsoft (MSFT) because I saw something that I like better.

Sold Apple (AAPL), Carl Icahn sold some of his shares, so I just dumped all of mine. Apple's Market Capitalization is currently around $600 Billion which makes me think there is no more growth left. In order for Apple stock to double, the Market Cap will also have to double to $1.2 Trillion. I mean $1.2 Trillion? If a company's hits a Market Cap of $1.2 Trillion, that means they own the entire world already.

Sold Google (GOOGL and GOOG), it is currently overvalued or expensive the P/E Ratio is at 34. There are better deals out there.

I like John Deere (DE), they virtually have a monopoly on farming equipment.

Added Wabco (WBC) because the calculations show that is has growth. Earnings per Share for the last 10 years grew over 20% compounded. The company's Income Statement and Balance Sheet is decent, but not outstanding. There may be some risk to this investment.

Added Chicago Bridge and Iron (CBI) the P/E Ratio is currently around 8. However, the company's low Net Profit Margins makes this investment very risky.

Added Viacom (VIAB), I think that their stock is undervalued. I could be wrong because their Revenues are dropping. It could go down further. But the Analysis of Financial Statements show that they have a good chance of surviving through their troubles. Once again, I could be wrong.

DirecTV (DTV) shares converted to AT&T (T) shares because of their merger. So I ended up acquiring AT&T through that. Its dividend is currently at around 6%.
Intelligent Investorii@equitybondtheory.commystockholdings20155 Research 2016
View Financial Analysis: My Research 2016

Amazon (AMZN) is really expensive and so is Facebook (FB).

Berkshire Hathaway's 13-F filing shows they bought Kinder Morgan (KMI). I don't think Warren Buffett purchased this. This was probably made by Ted Weschler or Todd Combs. The calculations show there very little growth to this stock. Net Profit Margins are very small, coming in at less than 10%. Kinder Morgan's Total Debt to Net Income is at a whopping 30. They have more way more debt than the amount of money they make. They don't have any Retained Earnings either. They are also actually issuing more Debt. The only thing good I see with KMI is the stock's Price-to-Book value is very low. It is at 1.12

American Express (AXP) is a company that I've been eyeing for quite a while. Because of their drop in Revenue, the stock price has also significantly come down. The economic landscape for Electronic Payment Processing is changing because of newer technologies such as Apple Pay. Visa and Mastercard is taking market share from American Express as well. For now, this is a wait-and-see approach. But the price is attractive at less than $60/share, very well close to its 52-week low of $52/share.

Disclosure: I currently do not own Kinder Morgan (KMI) or American Express (AXP).
Intelligent Investorii@equitybondtheory.commyresearch20163 Stock Holdings 2016
View Analysis: My Stock Holdings 2016

Added Berkshire Hathaway Class B (BRK.B), Warren Buffett announced in his letter to shareholders that Berkshire's Intrinsic Value is well over the company's Market Capitalization. Buffett's calculation of Intrinsic Value goes like this:

  Total Equity (Shareholders' Equity)
 +  Treasury Stock
 +  Appreciation in value of Long-Term Investments such as Coke, Wells Fargo, etc.
 +  Appreciation in value of Assets such as the acquisition of GEICO, General Re, Burlington Northern Santa Fe, etc.
 =  Intrinsic Value

Because of accounting rules, stock buybacks is recorded as negative Treasury Stock. Also because of accounting rules, Long-Term Investments and Assets is also recorded At-Cost. The appreciation of Buffett's investments in Coke, Wells Fargo, etc. is not recorded in the Balance Sheet. Neither is the appreciation in the value of GEICO, General Re, Burlington Northern Santa Fe, etc.
Figuring out how much Berkshire Hathaway's appreciation in stock investments as well as company acquisitions is a long, tedious, and complex calculation. But if you do the math, it can be estimated that Berkshire's Intrinsic value is over $400 Billion. Their current Market Cap is only at around $350 Billion. Therefore, their stock is a good deal at this point.

Disclosure - We own the following stocks:
Wells Fargo (WFC)
John Deere (DE)
United Healthcare (UNH)
Wabco (WBC)
Walmart (WMT)
Chicago Bridge and Iron (CBI)
AT&T (T)
Viacom (VIAB)
Berkshire Hathaway Class B (BRK.B)
Intelligent Investorii@equitybondtheory.commystockholdings2015-17 may have Bottomed at $117/share
IBM stock may have bottomed at $117/share a few weeks ago, the stock is now trading at around $135/share. IBM was just upgraded by Morgan Stanley from a Hold to a Buy on February 18, 2016. Even if the upgrade was weak, it represents confidence in the company by a major investment firm.

Another reason is that, during an interview on CNBC, Warren Buffett indicated confidence in the company by saying that he doesn't think the company is losing value and "IBM could be worth more money (in a few years)".

We have 2 big names over the last few weeks exhuming confidence in the company, we may see more in the near future. However, for investors that want the stock to go up immediately after they buy, it would be best to wait for IBM's revenue to stop bleeding. Wait for their earnings announcement and see if IBM's revenue has stayed flat or gone up.

Looking at My Financial Analysis on IBM below,

In the Price Comparison, IBM's Relative Value is $502.59/share. At its current stock price of $136.30/share, this represents a Relative Gain of 268.74%.

Also looking at the Summary of Growth Analysis, a price of $136.30/share represents a calculated 10-Year Annual Rate of 21.97%. Whenever the price of IBM shares goes down, the 10-Year Annual Rate goes up. So, at this point it would be in our best interest if IBM's share price goes down so that we could get a higher 10-Year Annual Rate.

If you take a look at the Rule-of-Thumb Valuations, IBM's stock at $136.30/ share gives us an Equity Bond Theory of 9.99% rate, whereas the 10-Year Municipal Bond Rate only gives us 3.40%. When you compare these two rates, IBM stock at $136.30/share is the better deal. In addition, the company's True Price/Book value is at 0.79. That means that for every $1 dollar the company's assets are worth, you are only paying $0.79 cents for them. This is like buying a house for $790,000 knowing that there is $1,000,000 million dollars' worth of assets hidden in its walls. The True Price/Book value is calculated as Market Capitalization divided by Total Equity (Shareholders' Equity) plus the Treasury Stock.

True Price/Book = Market Capitalization/(Total Equity + Treasury Stock)

Another thing to look at is IBM's Current P/E ratio is at 10.01 which means at $136.30/share, this stock is cheap. As a rule-of-thumb, a stock is cheap when the P/E ratio is less than 15.

When you scroll all the way to the right and look at the Analysis of Financial Statements, the calculations show that IBM has a good chance of surviving its current shortfalls and problems.

On the Technical Analysis side, using the ThinkOrSwim Platform from TDAmeritrade, we see that the Market Sentiment oscillator is heading higher while the price is heading lower. This could mean that sentiment about IBM is changing to the positive side. Also looking at the Forecast Oscillator, there is clustering on February 18, 2016, when IBM hit its 52-week low of $117/share.

IBM Market Sentiment and Forecast Oscillator
Source: ThinkOrSwim by TDAmeritrade

Looking at the 200-Day Bollinger Bands, IBM was below the Lower Band (Red Line) when it hit its 52-week low of $117/share while the MACD Oscillator is rising. It also looks like the price is heading higher to breach the 200-Day Moving Average (Blue Line). The MACD Oscillator also crossed the zero line as the price heads higher. There is also initially a spike in Volume followed by above average Volume the following weeks which could indicate a climax in IBM's sell off.

IBM Technical Analysis
Source: ThinkOrSwim by TDAmeritrade

In summary, we are using a combination of the following events to determine a bottom:
  • 2 big names - Morgan Stanley and Warren Buffett publicly exhumed confidence in IBM
  • My Financial Analysis show that IBM has value
  • The Analysis of Financial Statements show IBM can weather the storm they are in
  • The Technical Analysis show that Market sentiment is changing and the sell-off in IBM could be reaching a climax.
Thus, IBM may have bottomed out at a 52-week low of $117/share. However, we could be wrong, if their earnings announcement on April 18, 2016 disappoints investors, then we could be in for more selling. At this point, if IBM bottomed out, we could only wish for IBM's stock price to fall further so that we could buy more shares at $117/share. If the sell-off in IBM is reaching a climax, we could only wish for IBM to hit a lower 52-week low, much lower than $117/share.

Disclosure: We own IBM shares and plan to purchase more if the price drops.
Intelligent Investorii@equitybondtheory.comibmmayhavebottomedat117share-111 Apple After Warren Buffett Confirms He Purchased it
As a rule-of-thumb, if an investment has a Return on Equity (ROE) of greater than 30%, it means the company has a Durable Competitive Advantage.

Apple's Return on Equity (ROE) is at a staggering 34%. In the book Buffettology*, the ROE is the anticipated compounding growth rate of a company's earnings for the next 10 years. The last time Warren Buffett invested in a company with an ROE of greater than 30% was in 1994 when he purchased Coca-Cola (KO). Coca-Cola turned out to be one of Buffett's most lucrative investment.

I should have seen this coming.

I've always thought that Apple was a technology company and Warren Buffett has always advised against investing in technology companies because of the amount of money that they spend on Research and Development. Technology companies spend so much money on Research and Development that they are unable to significantly grow their Shareholder's Equity. Shareholder's Equity is also called Total Equity.

However, Apple seems to be an exception to this rule. They have the lowest Research and Development to Gross Profit Ratio when compared to other Technology companies. And their Shareholders' Equity (also called Total Equity) is at $119 Billion for the year 2015. This means Apple is able to grow their Shareholders' Equity because of their low Research and Development to Gross Profit Ratio. In other words, when compared to their Gross Profit, the money they spend on Research and Development is small, and thus, the company can save more money. The more money they save, the bigger their bank account grows. The bigger their bank account grows, the bigger their Shareholders' Equity will grow. As Apple's Shareholders' Equity grows, the value of the company will also grow.

 Company  Research and Development for the Year 2015 (Millions)  Gross Profit for the Year 2015 (Millions)  Research and Development to Gross Profit Ratio
 Apple  $8,067  $93,626  8.62%
 IBM  $5,247  $40,684  12.90%
 Microsoft  $12,046  $60,542  24.16%
 Google  $12,282  $46,825  26.23%
 Facebook  $4,816  $15,061  31.98%
Table 1: Apple has the lowest Research and Development to Gross Profit Ratio when compared to other technology companies.

We sold Apple some time last year and now we are buying it back.

Mary Buffet, Clark, Buffettology, Chapter 16

Disclosure: We own shares in Apple.
Intelligent Investorii@equitybondtheory.comrepurchasedappleafterwarrenbuffettconfirmshepurchasedit2 Stock Holdings 2017

Hilton Worldwide Holdings (HLT) split into 3 companies. So, we now own the following 3 Hilton companies:

1) Hilton Worldwide Holdings (HLT)
2) Hilton Grand Vacations (HGV)
3) Park Hotels and Resorts (PK)

The crown jewel of this split is Hilton Grand Vacations (HGV).

Berkshire Hathaway added Synchrony Financial (SYF) and Barron's Magazine had a favorable article right after Berkshire added it to their portfolio. Thus, we didn't do research on this stock purchase. We just trusted the professional opinion of others.

Intelligent Investorii@equitybondtheory.commystockholdings20172 Sold All of Our Shares in PayPal, We Saw Something Else We Liked Better
We dumped PayPal (PYPL). The P/E Ratio is currently at 66 which is very high. The slowdown in earnings and revenue does not justify a P/E Ratio that high. We saw something else we liked better. Phillips 66 (PSX) is owned by Warren Buffett and their earnings seems to be on the upswing. It seems like the oil slump is over.

About more than 10 years ago the prices of oil crashed. So for 10 years oil prices were depressed. The economy seems to be growing at a rapid pace at this point which should stabilize the prices of oil due to increased demand from robust economic activity. We ended up purchasing shares of Phillips 66 (PSX).

Disclosure: We own Phillips 66 (PSX)
Intelligent Investorii@equitybondtheory.comwesoldallofoursharesinpaypalwesawsomethingelsewelikedbetter3's Fortunes Finally Turns Around Today
Warren Buffett purchased IBM shares in the year 2012 worth billions of dollars. Yet the stock has pummeled and has been pounded downwards for the past 5 years. The company's revenue has been dropping due to their exit of the computer business. IBM sold their computer business and invested into the Artificial Intelligence business. Wall Street didn't seem to like the drop in revenue so their stock has dropped and stayed flat for 5 years.

Today, their fortunes seem to be turning around. Their investment into the Artificial Intelligence business seems to be paying off. The drop in revenue has bottomed out. Wall Street seems to like it. The stock is up 4% today after-hours when they announced earnings.

See article here:

Update 10/18/2017
IBM's stock price surged 13% today. The company is making headlines regarding their turn around. I think this is it. Our long wait is over.

Disclosure: We own shares in IBM.
Intelligent Investorii@equitybondtheory.comibmsfortunesfinallyturnsaroundtoday5 Chicago Bridge and Iron
Chicago Bridge and Iron (CBI) comprise 2.5% of my overall portfolio. I first bought this stock at around $46/share. I sold it at $34. So, I basically took a 30% loss on this investment. My portfolio took a hit of a 0.75% loss from this investment.

Chicago Bridge and Iron (CBI):
Portfolio Allocation: 2.5% = 0.025
Loss: 30% = 0.30
Total Loss = 0.025 x 0.30 = 0.0075
0.0075 x 100% = 0.75%

I sold it because I saw better values and less risk with other stocks such as AT&T (T), Goldman and Sachs (GS), Phillips 66 (PSX), and Qualcomm (QCOM). And I just got tired of waiting for the price to rebound to $46/share. In addition, Warren Buffett exited his position in CBI. The problem with CBI is that the price of oil is directly correlated with the company's ability to make money. Oil prices are still falling at this time which means there is a lot of risk here.

As a note to others:

When investing in a risky stock DO NOT invest no more than 5% of your portfolio in that stock. The riskier the investments, the less weight or allocation you should have of that investment in your portfolio.

For example:

Wabco (WBC) is a risky investment, so it only comprises 5% of my portfolio.

Chicago Bridge and Iron (CBI) is a riskier investment than WBC, so it only comprises 2.5% of my portfolio.

Viacom (VIAB), another very risky investment, only comprises 2% of my portfolio.
Intelligent Investorii@equitybondtheory.comsoldchicagobridgeandiron5 Wabco (WBC) to Raise Cash in Case there is a Recession
The signs of a recession are getting stronger, so I've decided that I needed to raise cash. Out of all the stocks I own, Wabco (WBC) seems to be the weakest link. The stock's volatility is high, the P/E ratio is at 30 which is expensive, and it doesn't pay dividends. On a separate note, Berkshire Hathaway's recent 13F filing shows they've reduced its exposure to Wabco. So, I basically just sold Wabco at the around the same price I bought it. I just broke even on this trade. The only lost I had is $40 bucks on trading fees. Oh well, better safe than sorry. The main concern is that if a recession does come, then I'll have some cash to put to work.

Note: Over the long term, I believe Wabco (WBC) will do very well.
Intelligent Investorii@equitybondtheory.comsoldwabcowbctoraisecash6 Hilton Hotels in Anticipation of a 3 for 1 Stock Spin-Off
Last December I purchased Hilton Hotels in anticipation of a 3 for 1 stock spin-off. In other words, Hilton Hotels will be splitting into 3 independent companies. The most undervalued part of their business is their timeshare operation, Hilton Grand Vacations.

You must own the stock by December 15, 2016 to take part in the stock spin-off.

Hilton Hotels split into the following 3 independent companies:
1) Hilton Worldwide Holdings (HLT)
2) Hilton Grand Vacations (HGV)
3) Park Hotels and Resorts (PK)

Hilton Grand Vacation (HGV), which is the crown jewel of Hilton Hotels, is only trading at a P/E Ratio of 12 right after the spin-off. Compare that to Marriott Vacations' (VAC) P/E Ratio of 20, HGV looks like a clear bargain with plenty of upside. HGV's Return on Assets is at around 9% whereas VAC is at around 6%. HGV is getting a much better return on their assets when compared to VAC.

Park Hotels and Resorts (PK) becomes a Real Estate Investment Trust (REIT). It is the parent company of the Waldorf Astoria, an ultra-luxury resort and hotel chain. After the split they announced a quarterly dividend of $0.43 cents which come out to $1.72 per year. Using the after-split price of $30 per share, that would give us a return of 5.5%. Bonds are currently averaging at around 3.5%. Thus, PK is a good place to park our money while we wait for a great investment to purchase. Once we find a great investment to purchase, we will sell PK in exchange for that great investment.

As for Hilton Worldwide Holdings (HLT), I think it is a decent investment. It isn't great, only decent. I'll just keep it until I find something better.
Intelligent Investorii@equitybondtheory.compurchasedhiltonhotelsinanticipationofa3for1stocksplit7 That We Bought and Sold for the Past Year to Date
Sold John Deere (DE), it is a cyclical business and the trade war the U.S. has with China isn't making things any better. Berkshire Hathaway also sold their holdings of this company a few years ago.

Bought Bank of New York Mellon (BK), we think their numbers looks better than Goldman and Sachs (GS), Berkshire Hathaway continues to accumulate this stock, the P/E Ratio is at 12, and has a Dividend Yield of 2%.

Bought Synchrony Financial (SYF), Berkshire Hathaway own this, P/E Ratio is at 7, and has a Dividend of 3%.

Bought International Business Machines (IBM), the Technical Analysis shows that it has bottomed, they announced to acquire Red Hat (RHAT) a provider of Linux OS, the P/E Ratio is at 12, and has a Dividend of almost 5%.

Bought Biogen (BIIB), I've always wanted to buy this company, one of their Alzheimer's drug research failed and their stock tanked to a P/E Ratio of below 10. In our opinion, this company is way undervalued given the fact that they have cash to make acquisitions and other drugs on their pipeline.


John Deere (DE)

Bank of New York Mellon (BK)
Synchrony Financial (SYF)
International Business Machines (IBM)
Biogen (BIIB)
Intelligent Investorii@equitybondtheory.comstocksthatweboughtandsoldforthepastyeartodate1 Stock Holdings 2018
Intelligent Investorii@equitybondtheory.commystockholdings20181 Research 2018
Intelligent Investorii@equitybondtheory.commyresearch20182 Research 2017
Intelligent Investorii@equitybondtheory.commyresearch20171 Hathaway Sells Shares of PSX
Berkshire Hathaway has been selling its shares of Phillips 66 (PSX). They held about 35 million shares of PSX stock as of the 2nd quarter of 2018, which is down from about 80 million shares as of the 4th quarter of 2017.

Because of this we sold all of our shares of Phillips 66 (PSX).
Intelligent Investorii@equitybondtheory.comberkshirehathawaysellssharesofpsx1 All of L Brands (LB) and Park Hotels and Resorts (PK)
An article in CNBC scared us. The parent company of Victoria Secret, L Brands (LB) could be a broken company.

As far as Park Hotels and Resorts (PK),  we never wanted to be in the luxury hotel business. During a recession, most luxury products just do not perform so well.
Intelligent Investorii@equitybondtheory.comsoldalloflbrandslbandparkhotelsandresortspk2 Bank's (USB) Return on Equity is Greater than Wells Fargo (WFC)
We just realized that U.S. Bank's (USB) Return on Equity is the highest out of all the major banks. It is greater than Wells Fargo (WFC), J.P. Morgan (JPM), and Bank of America (BAC).

 Company  Return on Equity
 U.S. Bank (USB)  13%
 Wells Fargo (WFC)  11%
 J.P. Morgan (JPM)  11%
 Bank of America (BAC)  8%
 Citibank (C)  7%
Table 1: U.S. Bank has the highest Return on Equity when compared to other major banks.

The P/E Ratio is around 15 which is expensive compared to Wells Fargo, but we believe that the Federal Reserve's decision to end Quantitative Easing will raise the interest rates and thus make the bank more profitable. Banks make more money when interest rates go higher. Therefore, we ended up purchasing shares of U.S. Bank (USB).

Disclosure: We own shares of U.S. Bank (USB)
Intelligent Investorii@equitybondtheory.comusbanksusbreturnonequityisgreaterthanwellsfargowfc2 Like Capitulation in Viacom (VIAB)
Capitulation is when large institutional investors give up on a stock and sell all of their holdings in that stock. Capitulation is a sign of a bottom for a stock. It means that everyone that needed to sell that stock for any reason has already sold. There are no more large institutional sellers left.

A few signs of Capitulation are:
1) The company delivers bad news and yet the stock price does not go down much.
2) The company delivers bad news but the price has become so cheap so the stock price actually goes up.
3) Large volume meaning large institutional holders are giving up or buying.

Signs of Capitulation in Viacom (VIAB):
1) The company delivered bad news when they announced earnings yesterday 11/16/2017, but the stock price didn't go down much. It actually bounced back from its lows.

2) And if you look at the chart below, the stock price bounced back from its lows yesterday and soared almost 10% today 11/17/2017 without any significant good news about the company. The price is so cheap with a P/E Ratio of 5.56, the price actually goes up.

3) Yesterday 11/16/2017 there was large volume while to stock price was going down meaning large institutional investors are giving up. And today, there is large volume again as the stock price is going up 10%, this means that large institutional holders are buying because of Viacom's overly cheap valuation, P/E Ratio is at 5.56!

Source: Google Finance

Disclosure: We own shares in Viacom (VIAB)
Intelligent Investorii@equitybondtheory.comlookslikecapitulationinviacomviab2 AT&T (T) for Time Warner (TWX) and Dumped Hilton Worldwide (HLT)
I exchanged AT&T (T) for Time Warner (TWX). Their merger currently gives TWX a 6% premium. AT&T is offering $107/share for TWX. Time Warner is currently priced at $101/share.

Time Warner's (TWX) Current Price = $101/share
AT&T (T) Offer = $107/share

$107/$101 = 1.06
(1.06 - 1) x 100% = 6%

I like AT&T. I think AT&T will be around forever. But we could sure use a 6% gain. We sold all of our AT&T holdings and bought Time Warner (TWX).

Hilton Worldwide's (HLT) Forward P/E Ratio is currently at 35 which is expensive. We see other things we like better.

HLT Forward P/E Ratio = 35

Disclosure: We own shares in Time Warner (TWX) and no longer own shares in Hilton Worldwide (HLT)
Intelligent Investorii@equitybondtheory.comexchangedatttfortimewarnertwxanddumpedhiltonworldwide2 Buffett's 5 Best Investing Tips
1) Don't buy or sell based on the headlines.
2) Don't try to profit from bubbles.
3) Put your emotions aside.
4) Always invest in productive assets.
5) Always invest in America.

Intelligent Investorii@equitybondtheory.comwarrenbuffetts5bestinvestingtips2 Stock Holdings 2012

Here are all of my stock holdings. Since there is a recession and things can be uncertain, I currently only own large cap stocks, as to not take any risk. Google and Apple are both technology companies at this present time. These are stocks that I do not plan on holding forever. I bought them because they are undervalued.

Disclosure - We own the following stocks:
Wells Fargo (WFC)
Google (GOOG)
Walmart (WMT)
United Healthcare (UNH)
Apple (AAPL)
Exxon Mobile (XOM)
Intelligent Investorii@equitybondtheory.commystockholdings20126