We've added General Mills ($GIS) to our Watch List on the buy. We're patient in looking for a better entry. Earnings 6/26/19 Before Market Open #NotInvestmentAdvice #NoPosition #GIS

We've added Costco to our Watch List. This is a behemoth of a company with lots to like. What we don't like, in a nutshell: 1) security appears to have gotten a bit ahead of itself; though, perhaps not unwarranted, just unknown - last Q was a huge beat, as Sales ramped 7% with 0.3% flow through on GM; 2) valuation in that 17x+ multiple range (we like more value than that). On the positive side: strong footprint, growing (Revs, EPS), flexible business model (operating lever

We like PBI here after reviewing its 10k and valuation. At at 6.5x multiple, we're comfortable on the open with 1/2 position common, at $6.83. At this level, no stop loss, no hedge despite a 2x beta of late. If price were to fall to $6.25, we'd add another 1/4 (3/4) to the opening position. Earnings 5/7/19 #NotInvestmentAdvice #NoPosition #PBI

On the negative side of the ledger here, we do not like this security at an 18x+ multiple. Further, over the past year, we are concerned with this security's substantial outperformance versus the S&P500. However, what we do like is this: low debt, consumer staple. From a purely trading perspective, a buy of the common ($43.08)(1/4 position to open) with a stop loss of $42.50 with one $40 May 17 put contract (active monthly intrinsic hedge) per 100 lot ($0.25), net basis $43