Performance - Week Ending 01/29/2016

The Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was up 2.3%, the Nasdaq was up 0.5%, the S&P 500 was up 1.7%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 9.6%.

Year to date, the Wax Ink portfolio is down 4.8%, the Dow is down 5.5%, the Nasdaq is down 7.9%, the S&P 500 is down 5.1%, the Russell 2000 is down 8.8%, and the VIX is higher by 10.9%.

The portfolio breakdown is 59% cash, 41% 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 $30.98, making the current value spread -16.26%.

Hydrocarbon Prices
WTI Crude ended the week at $33.62, up 4.4%, while Brent Crude ended the week at $35.99, up 11.8%, creating a crude price spread of $2.37. On the other side of the floor Natural Gas ended the week at $2.30, up 7.5%, and RBOB Gasoline ended the week at $1.132, up 4.4%.

Year to date WTI Crude is down 9.2%, Brent Crude is down 3.5%, Natural Gas is down 1.7%, and RBOB Gasoline is down 10.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.30, down 11.0%, while the 10 Year Treasury ended the week at 1.90, down 6.4%. The 5 Year AAA Municipal Bond ended the week at 0.78, down 3.7%, and the 10 Year AAA Municipal Bond ended the week at 1.56, up 1.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.39, down 6.7%, with the 10 Year AAA Corporate ending the week at 2.65, down 2.6%.

Year to date the 5 Year Treasury is down 25.3%, the 10 Year Treasury is down 15.6%, the 5 Year AAA Muni is down 37.1%, the 10 year AAA Muni is down 27.1%, the 5 Year AAA Corporate is down 26.8%, and the 10 Year AAA Corporate is down 9.2%.

Weekly Winners
This week's portfolio winners were municipal construction contractor Layne Christensen (Nasdaq: LAYN), up 9%, upstream oil company Marathon Oil Corporation (NYSE: MRO), up 8%, and conglomerate General Electric (NYSE: GE), up 3%.

Weekly Losers
This week's portfolio losers were specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, building materials company Griffon Corporation (NYSE: GFF), down 6%, and supply boat company Tidewater, Inc. (NYSE: TDW), down 3%.

Portfolio Duds
The portfolio's worst performing stocks remain municipal construction company Layne Christensen down 68% since being added to the portfolio, and offshore supply boat company Tidewater, down 57% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 33% since being added to the portfolio, building materials company Griffon Corporation down 15% since being added to the portfolio, and offshore construction contractor McDermott International down 12% 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.

Wynn Resorts, Ltd. (Nasdaq: WYNN) - FYE 12/2014

3M Company (NYSE: MMM) - FYE 12/2014

Packaging Corporation of America (NYSE: PKG) - FYE 12/2014

Silgan Holdings, Inc. (Nasdaq: SLGN) - FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Wynn Resorts ($48-$55), 3M Company ($72-$74), Packaging Corporation of America ($44-$51), and Silgan Holdings ($36-$39).

Have a great week.

Wax

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