Exited speculative position (Premium)

Today we exited a speculative position in a company we took ahead of an anticipated breakthrough quarter, which did not materialize.

We now feel even more uncertain about what comes next for the company. The wound is, in a way, self-inflicted, as the company’s poor financial disclosure practices make projections almost impossible to do with even modest certainty.

Therefore, we sold today at a loss. Fortunately (and by design), this was the smallest position in the portfolio. Below, we outline our reasoning.

Portfolio transactions are sent to premium subscribers in real time. Click here to upgrade to Premium.