Today in Class:

Buy/Hold/Sell

• EFA (Michael Sena): Uncertainty in the European and Far East regions, which compose a large majority of the holdings in this ETF, and negative holding period return (HPR) on a large number of the holdings as well.  Motion to sell entire position passes.
• VDE (Toby Davis): HPR has been -16% since February, however, this security is largely a play on oil prices and with forecasted energy growth in China and India we believe the best decision is to hold until oil prices reach $90/barrel.
• BLV (Vince Mistretta): This fund is composed of high quality U.S. credit with an attractive return.  Interest rate risk is too high for our fund due the very long duration, thus the class decided to sell our entire position.
• IBM (Brad Mas): hold.  The company has been showing very strong revenues and has posted a 100% return over the past three years versus near 0% for the S&P 500.
• HYG (Vince Mistretta): There is an undesirable amount of volatility in this ETF and it does not track its index well either, thus the class decided to sell our entire position.

Access full minutes here: 09-27