Performance - Week Ending 01/23/2016

Performance - Week Ending 01/22/2016
The Wax Ink Portfolio was up 2.1% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was up 2.3%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 17.3%.

Year to date, the Wax Ink portfolio is down 4.4%, the Dow is down 7.6%, the Nasdaq is down 8.3%, the S&P 500 is down 6.7%, the Russell 2000 is down 10.1%, and the VIX is higher by 22.7%.

The portfolio breakdown is 58% cash, 42% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.48, making the current value spread -14.91%.

Hydrocarbon Prices
WTI Crude ended the week at $32.19, up 9.4%, while Brent Crude ended the week at $32.18, up 11.2%, creating a crude price spread of ($0.01). On the other side of the floor Natural Gas ended the week at $2.14, up 1.9%, and RBOB Gasoline ended the week at $1.084, up 6.2%.

Year to date WTI Crude is down 13.1%, Brent Crude is down 13.7%, Natural Gas is down 8.5%, and RBOB Gasoline is down 14.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.39, down 2.8%, while the 10 Year Treasury ended the week at 1.96, down 3.0%. The 5 Year AAA Municipal Bond ended the week unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.64, down 1.2%. Lastly, the 5 Year AAA Corporate closed the week at 1.69, up 1.2%, with the 10 Year AAA Corporate ending the week at 2.82, up 0.7%.

Year to date the 5 Year Treasury is down 20.1%, the 10 Year Treasury is down 12.9%, the 5 Year AAA Muni is down 18.5%, the 10 year AAA Muni is down 23.4%, the 5 Year AAA Corporate is down 11.1%, and the 10 Year AAA Corporate is down 3.4%.

Weekly Winners
This week's portfolio winners were independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 11%, refiner Holley Frontier Corporation (NYSE: HFC), up 6%, and building materials company Griffon Corporation (NYSE: GFF), up 5%.

Weekly Losers
This week's portfolio losers were municipal construction contractor Layne Christensen (Nasdaq: LAYN), down 11%, specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, and really big company General Electric (NYSE: GE), down 1%.

Portfolio Duds
The portfolio's worst performing stocks remain municipal construction company Layne Christensen down 70% since being added to the portfolio, and offshore supply boat company Tidewater, down 55% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 38% since being added to the portfolio, and building materials company Griffon Corporation down 10% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Enbridge, Inc. (NYSE: ENB) - FYE 12/2014

The Williams Companies, Inc. (NYSE: WMB) - FYE 12/2014

Peabody Energy Corporation (NYSE: BTU) - FYE 12/2014

Newell Rubbermaid, Inc. (NYSE: NWL) - FYE 12/2014

Tupperware Brands Corporation (NYSE: TUP) - FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Enbridge ($17-$18), FMC Technologies ($37-$44), Core Laboratories ($52-$65), Gibraltar Industries ($21-$27), Newell Rubbermaind ($27-$28), and Tupperware ($42-$43).

Have a great week.

Wax

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