Boring Portfolio

Boring Portfolio Report
Wednesday, February 7, 1996

There was only one real piece of news that affected the Boring Portfolio today, and that (as you probably know by now) was the downgrading of a number of semiconductor equipment stocks by Montgomery Securities and Hambrecht &Quist. The reason for the downgrade? Concerns about declining DRAM prices (yet again).

Our chip-equipment stock, Kulicke & Soffa, wasn't among the list of suspects, but it suffered nonetheless, as some "investors" chose to sell now and ask questions later. KLIC's bid price dropped $1 1/2, to $23, on pretty much average volume (817,700 shares).

Interestingly, Lam Research's CFO appeared on CNBC this morning. Hank Evenhuis reiterated the same (cogent) story that his company, Applied Materials, and a number of other leading-edge semiconductor infrastructure providers have been saying for some time now: sales are solid. As for me, I'm happy to be holding KLIC.

There was no news and even less activity for Texas Industries. Only 18,000 shares traded all day. The bid side closed at $60 1/4, unchanged from yesterday's closing bid.

As for Green Tree Financial, it demonstrated the value of a diversified portfolio--even one that contains only three stocks. Green Tree gained $1 3/8 today, closing at $30 3/8 on volume of a little more than a half-million shares.

All in all, just another snoozer day for the Borefolio. But look, kids! I intend to liven things up tomorrow evening by announcing another Boring buy!

Hasta manana,

--Greg Markus (MF Boring)

Today's Moves

GNT +1 3/8
KLIC -1 1/2
TXI ---

                   Day   Month    Year  History
        BORING   -0.05%   1.30%   0.80%   0.80%
        S&P 500  +0.56%   2.19%   4.55%   4.55%
        NASDAQ   -0.40%   2.36%   4.21%   4.21%

    Rec'd  #   Security     In At       Now    Change

   1/29/96 100 Texas Indust  54.52     60.25    10.50%
    2/2/96 200 Green Tree    30.39     30.38    -0.04%
   1/29/96 200 Kulicke & S   23.89     23.00    -3.71%

    Rec'd  #   Security      Cost     Value    Change

   1/29/96 100 Texas Indus 5449.99   6025.00   $575.01
    2/2/96 200 Green Tree  6077.49   6075.00    -$2.49
   1/29/96 200 Kulicke & S 4774.99   4600.00  -$174.99

                             CASH  $33697.53
                            TOTAL  $50397.53