update on various issues

I apologize for the lack of posts since last Sunday -- totally driven by the wonderful service I receive from Time Warner cable -- NOT! briefly had access last night and just as I hit the publish button I learn that my access had ended again -- and oh by the way my note was lost!!! UGH!!!

What a week to lose access though!!! The portfolio has had a rough week thanks to the decline in DFR, my Asian funds taking a hit and some of my lower beta holdings getting hurt after doing well for the beginning of the decline (energy related mostly). About 100bps hit so year to date I'm back to only 200bps ahead (roughly up 7% through Thursday).

I will address DFR and the markets in general in a separate note. I also plan to cover TSRA in a separate note. Here I will cover some earnings and thoughts on other stocks.

NVT -- wow. I haven't had the chance to read the transcript from the call yet but obviously it was a good quarter. I did not end up selling any more shares as I had hinted I might on Sunday -- I did some thinking after CIBC upgraded the stock and realized there was more upside than I had thought when I wrote my comments on Sunday -- turned out to be correct. I will offer more comments post my reading of the call -- probably over the weekend.

CME -- volumes up 40% for July is not bad. They also have a tender offer on the table for 11% of outstanding shares for $560 -- the stock should not move too much from that level for this month -- nice support. I am thinking about adding to my position here -- probably trim some asian exposure -- let's face it, does it really matter whether I have 22% or 24% in Asia? either way its a BIG number.

MA -- I'm keeping an eye on Mastercard -- another stock that has gone up a lot but that has what could be a good business -- need to do a lot more reading and thinking but thought I would mention that it is one that I am reading about.

Apple -- got to see an iPhone Wednesday night while at dinner with friends. The owner pulled up this blog while I watched -- very cool. Key thing to think about is that right now its an expensive phone but over time as WiFi service improves, as they add 3G (need better battery life to do so) then you could see people viewing it as a cheap computer rather than a pricey phone. Right now that is a prediction -- high probability that one day it will be reality. Once that happens then look for someone to worry about cannibalization of $1000 MAC laptops for $500-$600 iPhones. Right now I am hoping that GOOG will serve as my play on that trend rather than Apple (Google's stock doesn't seem nearly as risky). One of these days when I'm low on things to write about I will pontificate some on Google -- most people in the media don't get them. To say that Google has problems because they are "just" a search company is to say that Microsoft had problems "just" being an operating system company until the early to mid 90's (say 20 YEARS after they started) when office took off.