2012 Retrospective, Top Five Trades Part 2

In yesterday’s post, I highlighted three of what I consider my Top Five Trades of 2012.  Today’s post features the final two of those trades, and this is the final of my 2012 year-end retrospective posts.  It’s already been a busy month for trading and I have some results that I will be sharing soon.  In the meantime, here is a recap of some my IP and DIS trades, stocks I’ve held a couple of times over the course of the Rescue My IRA trading history.

Another Hat Trick with IP

There is a stock that I learned about on the Yahoo Covered Calls board – I get a lot of ideas from there and I have learned a lot about covered calls investing from the people who post there.  In the case of IP, I have been able to take a position in the shares several times and consistently come up with a hat trick or triple play, where the total return includes covered call premiums, dividends, and stock gains.

That was the case again in August 2012, where I had sold covered calls on 300 IP shares at a strike price of $33.  I ended up with the shares for 30 days this time and collected dividends in the process.  Here’s the history of this most recent position:

IP – 300 Shares, average basis $32.02, 33 Aug 2012 assigned

Option Premiums (total):  $140.23

Dividends Collected (ex-dividend 8/13/2012:  $78.75

Stock Gain:  $275.89

Total:  $494.87

Absolute return 5.15%

Annualized return (30 days) 62.67%

Quick Hit on DIS

I’m finding that over the course of a year there are several stocks that I establish positions in a few times during the year, DIS being one of them.  Now the jury is still out as to whether entering and exiting these positions is as efficient and effective as a more traditional buy and hold strategy – but I suspect that I get a little more control with the covered calls and in the long term should do better by a few points.  We’ll see…

In any case, the final trade I’d like to highlight in this Top Five series is a March 2012 DIS position that I established with 200 shares.  This one was another quick turnaround trade – February had been a month with a lot of call assignments and DIS was one of the positions I established with the proceeds. 

I ended up holding DIS this time for about 30 days.  I didn’t earn the hat trick, but I did collect both covered call premiums and a stock gain, for an absolute return of 2.13%.  Here’s the analysis of that trade:

DIS – 200 Shares, basis $41.64, 42 MAR 2012 assigned

Option Premiums:  $122.49

Dividends Collected:  $0.00

Stock Gain:  $55.00

Total:  $177.49

Absolute return 2.13%

Annualized return (30 days) 25.93%

So, that’s a wrap of the 2012 retrospective posts.  Overall, I’d call the year a success – even though I didn’t achieve my goal of earning 12 percent on my investments, I did have a positive return overall, and I learned a lot.  I like the approach and I will keep using it, applying what we’ll now call “wisdom” in the hopes of improving my returns next year.

Here’s to a successful trading year in 2013!

2012 Retrospective #3: Top Five Trades, part 1

For the final of these year-end retrospective posts, I thought I might take another look at a few trades that went well last year.  I highlighted some very painful experiences in the last few posts, so I figure we might as well close out with a couple of good results.  So here are five trades – let’s call them the Top Five Trades – of 2012, which I will summarize over the course of my next two posts.

Called Away Early and a Roll-out:  ITW

Even though the first couple of weeks of December were soured by the end of the HPQ debacle, there were two other positions that had the potential of being called away on their ex-dividend dates.  In the case of ITW, which started the month in-the-money at a $60 strike price, I listed it as a likely assignment in my monthly forecast.

As it turned out, 100 shares of the 200 share position were called away on the ex-date.  As the share price was adjusted and then dropped after the dividend calculation, I closed out the remaining December option and rolled the remaining 100 shares out to January.  Although the situation means I’m paying for a second sell commission when that time comes, I’ve been able to add to my returns to compensate for that, adding about $50 net on call premiums and $38 in dividends.

As the market rose during the first week of January 2013, I closed the January $60 option and rolled to a February $62.50 – and the stock is still in the money.  The results I’m showing below include the new contract.  Assuming the shares are assigned in February, ITW will be a triple play, netting a total of $1,679.15 in call premiums, dividends, and share gains – and my return meets the goal of earning a 12 percent annualized return on invested capital.

Here is the analysis:

Shares:

March 2012 Bought 200 shares at an average price of $56.37, total position basis $11,274.00

12/14/2012 Sold on assignment 100 shares at $5,982.89, share price $59.83.  I rolled out the remaining shares and have a February $62.50 in place on them. 

Total estimated stock gain:  $941.78

Options:

Total options income:  $475.37

Dividend:

Total dividends collected:  $262.00

Net Profit:
Total Net Profit after Assignment:  $1,679.15
Absolute Return on Investment: ($1,675.15/$11,274.00) = 14.89%
Annualized Return (330 days):  14.89%*(365/390) = 13.94%

Called Early on CAT Jan 2012

During 2012, I held positions in CAT a couple of times.  The trade I made in January 2012 bears mentioning as a Top Five Trade because it was a short turn around trade, designed around an approaching ex-dividend date – that’s not an approach that works every time, but when it does, it’s rewarding and a lot of fun.  This CAT trade is one of two trades of this type I’ll feature here.

I actually bought the CAT shares on December 29, 2011, looking forward to a January 18, 2012 ex-dividend date – a potential holding period of 22 days.  During that period, the stock price ran up over $100 per share, easily blowing past the $92.50 strike I had sold my covered call at, a price where I could record a generous gain since my basis was $89.53.  I didn’t get the dividend of course, so the trade isn’t a triple play, but all in all I’d say things worked out great – and I far exceeded my goal of a 12 percent annualized return.

Here’s an analysis of the results – net of commissions.

12/29/2011 Bought 100 shares at $89.53 (total $8,953)

12/29/2011 Sold to open 1 CAT 92.50 Jan 2012at $1.60 (total $151.74)

1/18/2012 Assigned on 100 shares at $92.50 (net $9,232.82)

Net Profit:

1) Options Income:  $151.74

2) Dividend Income: None, assigned on ex-date
3) Capital Appreciation: $9,232.82-$8,953 = $279.82

Total Net Profit after Assignment:  $279.82 + $151.74 = $431.56
Absolute Return on Investment: ($431.56/$8,953) = 4.71%
Annualized Return (22 days):  4.71%*(365/22) = 78.14%

In the Money Dividend Trade with MAS

The MAS position I held in July 2012 was another trade designed for the short term around an approaching ex-dividend date.  Even though it was in the money on its ex-dividend date, the shares weren’t assigned – that’s point of interest number one.  Point of interest number two was the fact that this small position (200 shares) was established with covered call premiums and dividends I had collected over the course of my June 2012 trades.

If the shares had been called early, I would have held them only a week – and my annualized return would have been among the highest I’ve realized so far in the Rescue My IRA account, even though the cash value of that return is pretty small.  In the end, my absolute return increased with the dividend payment, but the annualized return went down, since I held the shares three times longer than how I had designed the trade.

Here’s the analysis:  

Transactions

6/26/2012 Bought 200 shares at average share price $12.24 (total $2,447.00)
6/26/2012 Sold 2 MAS JUL 2012 $12.00 at $0.70 (total $130.49)

7/3/2012 MAS went ex-dividend, not called away ($15.00)

The shares were assigned on the July expiration.

Net Profit:

1) Options Income:  = $130.49
2) Dividend Income: Ex-date was July 3, dividend was $0.75/share ($15.00 total)
3) Capital Appreciation when assigned at $12.00:  -$65.00

Total Net Profit when assigned and with dividend collected:  $130.49 + $15.00 - $65.00 = $80.49
Absolute Return on Investment: ($80.49/$2,447.00) = 3.29%
Annualized Return when Assigned (20 days):  3.29%*(365/20) = 60.03%

Rescue My IRA 2012 Results - in Black and White

The calendar year 2012 was the first full year of the Rescue My IRA account.  As I’ve posted in this recap series already, it was a year with some good learning experiences – and some losses.  Still, the end of the year saw a gain overall on the account’s value – which increased from $127,606 on December 31, 2011 to $132,852 on December 31, 2012.  That’s better than my retirement accounts have done under professional management for the last few years, so I’m signing up for another year.

In keeping with how I reported the annual reports last year, this post will provide a very short summuary – that’s mainly to ensure that it is not redundant with the monthly results posts.  It is meant to be read alongside the other recap posts I’ve been putting up this week, a series that will conclude with my next post – about the most successful trades I had last year.  That one is meant to be a companion to the one I wrote yesterday about my three worst trades.

Speaking of which – those big hits I took on ACM, ADM, and HPQ added up to more than $9K.  Perhaps if I had avoided the mistakes I made with those positions the results would have been better, but it’s not likely that a year is going to pass without a few mistakes.  The one of that lot that I am pretty sure I can avoid is what happened with ACM, because those shares weren’t purchased through the Rescue My IRA account, and they wouldn’t have passed the trading plan criteria.  It’s reasonable to think that I could have avoided that loss, which was about $5K and would have effectively doubled the account returns.

Here’s a quick summary of the results:

12/31/2011 Account Value:  $127,606.44

12/31/2012 Account Value:  $132,850.69

Net increase in account value:  $5,244.25

Annual percentage return:  4.11%

The goal for this account is to make 12% annually, and I fell short this year.  But I know where I went wrong on the approach, and I am convinced that a 12% goal is within reach for calendar 2013.  So we forge ahead.

My next post will close out this series on the 2012 annual recap.  I have a list of five trades to take a retrospective look at – five trades that went well, and which offered their own lessons learned, just as the big hits and others have.

Plus, with the great positive market action this week in the wake of the “fiscal cliff” legislation, I already have six or so adjustment trades that I need to write catch-up posts on, so those will be coming along next week.

2012 Retrospective #2: Worst Positions of the Year

I’ve already posted about three positions where I took losses during 2012, but in this retrospective post I wanted to go back and take another look at them – in the style of yesterday’s post, I have some lessons learned from each of these that I’ll share.  The yarn will unwind chronologically based on the date I closed the position, the order they are listed in the post’s title.

Adding up the absolute losses on the three positions, you get a total of $9,086.06.  That is a lot of money, but by the end of the year my account value showed a gain – so I rest on the strength of the portfolio model.  I am going to take some losses from time to time, and in these cases I believe I understand what went wrong. 

They’re mistakes I’ll try not to make again.

Biting the Bullet on Legacy Holding ACM

ACM is the company I used to work for, and one of the options for the 401(k) plan there was to buy shares at a discount to market.  I was there for nearly four years, and had accumulated 800 shares by the time I left.  The basis of the shares was around $25, so this position represented about 20 percent of the portfolio I was holding in the Rescue My IRA account after I transferred it.

Soon after I left the company and completed the transfer, the stock dropped from $28 or so to $22.  I could handle this and had planned to wait for the comeback.  But then, early this year, it dropped again to $15 or so, as I recall.  While I could have taken on some kind of stock recovery plan, I’d lost my patience and sold the shares (it turned out that I would have needed to because of some business conflicts at my current job as well). 

I sold the shares and took the loss, rolling the funds into a position with URS – a similar large architecture and engineering firm.  I still hold that 400 share position, and it appears to be performing up to my standards on the account. 

Here’s a repeat of the position analysis for ACM:

Shares:

November 2012:  Transferred 880 shares in from my 401(k) during the rollover.  I sold 80 shares immediately so I would have 8 round lots.  My basis was about $25.00 per share.

5/8/2012 Sold 800 shares at $14,784.66, average share price $18.49

Total stock LOSS:  -$5,233.34

Options:

Over the course of this holding, I have had covered calls with March, June and September expirations at strike prices between 22.50 and 25.00; total options income:  $204.91

Dividend:

ACM is not a dividend payer.  It is a legacy holding that was not selected based on the trading plan, and has always been a candidate for divestment because of this.

Net Profit:
1) Stock loss:  -$5,233.34

2) Options income:  $201.91

3) Dividend Income: $0

Total Net loss upon divestment:  -$5,233.34 + $201.91 + $0.00 = -$5,028.43
Estimated Absolute Return on Investment: -25.14%
Annualized Return:  Not calculated

This is a case where I probably should have eliminated more of the position when I made the rollover.  ACM didn’t fit in my portfolio, as defined by my trading plan (it is unrated by S&P and it doesn’t pay a dividend are two of the reasons).  The concentration in the shares represented about 20% of my portfolio, where I generally won’t have more than 8% in a position.  So, with all of that working against the position, it’s a wonder I didn’t take a worse hit.

The shares have recovered somewhat in value, but I judge the position as an underperformer in any case.  I feel quite confident about the current URS position.

ADM – Just a Bad Pick

This symbol is so similar to ACM – perhaps if I were more suspicious, I would have anticipated that I was going to run into some trouble with this one.  During a summer of volatility, the stock reported disappointing earnings and the bottom dropped out.  I took the loss, but was able to make up for it inside of the month given the ongoing market action – and I moved the funds into a new CAT position, which I am still holding at the time of this post.

ADM was rated 3 stars by S&P when I bought it, so again, this is a case of not following the trading plan.  I’ll keep the analysis on this one brief:

300 Shares, basis $30.82, cost $9,246.88

Option Premiums (total):  $597.97

Dividends Collected:  $52.50

Stock Loss:  -$1,724.05

Total:  -$1,073.58

Rushing to Purchase HPQ

HPQ is another stock where I made a bad pick.  There was dramatic news for the company during 2012, information that I deemed positive.  And since I needed to get my funds back to work quickly, I simply may have rushed the situation, violating some of my trading plan rules in the meantime. 

As far as the good news goes, it came early and then everything went pretty bad.  I pulled the trigger on 400 shares in August because there was a new CEO, who had a good reputation.  It was a 3 star S&P stock, which led to a lesson I’ve finally learned:  I will only invest in S&P 4 and 5 star companies now. 

Then came some poor earnings news.  I thought I could leverage my basis down with 100 shares and added them, and then I adjusted my covered call strategy to maximize cash yields.  Finally, there was the news that the company had made a bad purchase decision on an acquisition, and I decided that it would just be a lot of work to fix the position.  It was called away in December on the ex-dividend date.

Now, there were some promising aspects of this position – counted by themselves, the returns I earned from call premiums and dividends are almost 9 percent, which annualized meets my goals on returns. But my loss exceeded that amount.  That smarts, but I figure that is something that will happen from time to time, as it did with ACM and ADM.  We have to hope that the portfolio model I use can absorb this variation, covering it and then some with a few gains and mostly steady performers.

Here’s the story of the HPQ position:

Shares

8/20/2012 – Bought 400 shares for $7,919.00.

9/25/2012 – Bought 100 shares at $1,697.99.

Share basis of 500 shares is $19.23

Yields

Total Option Premiums:  $802.16

Total Dividends:  $52.80

Total Stock Loss:  -$3,634.10

Total Absolute Gain/Loss on the position:  -$2,779.14

2012 Retrospective #1: Some Lessons Learned

As we begin a series of three or four retrospective posts about last year’s trading, I thought I might take a moment to make a note about some recognition for the blog.  As I posted back in August, there was a post on Commodity Traders HQ about the blog, ranking it in the "Top 100" of options trading blogs.  And more recently, the folks at Safe Options, a blog I follow over in the right hand column, recommended Rescue My IRA as a good resource for people interested in trading options.  Here are links to those two sources:

http://commodityhq.com/2012/top-100-options-trading-blogs/

http://www.safe-options-trading-income.com/OptionsTradingBlogs.html

For the balance of this particular retrospective post, I want to take a look back at the “lessons learned” entries that are sometimes included in the monthly recap posts.  In the earliest two or three, I had simply documented some trading practices – especially in cases where I was trading to make a position adjustment.  After the first few of these, I came to the conclusion that these trades should be conducted at a premium whenever possible.

There's also one about the importance of considering portfolio concentration, or the weighting of any particular position - but I have another post in mind for that story, which dealt with ACM shares.  There are two other trades that I will highlight in this post – the “dividend grab” I did for my NVS position and the poorly timed trade on COP, just before the PSX spin-off. 

These are taken from the original posts but edited for brevity here.

NVS Dividend Grab:  I moved hastily to capitalize on the 4% annual dividend for this stock.  In hindsight, it wasn’t a good idea to rush to pull the trigger.  I failed to include the ex-dividend price adjustment for the shares, which was substantial at 4%, and the error meant that the return calculation was wrong and actually below what I’ve set as the goal for Rescue My IRA trades. 

The position was called a month or two after the ex-dividend date.  I’d managed to sell two covered calls on the shares while I held them, and was back to breakeven on the position by the time I had them called away.

Then the dividend was paid – there was one more oversight in the trade.  NVS is a foreign stock, and there was a withholding for home country income taxes taken out of the dividend before it was credited to my account.  This reduced the annual dividend from about 4% to around 2.5% - the dollar value of the taxes was $87.

After all was said and done, I lost about $60 on the trade – about 1% of the investment. 

My lesson learned?  I adopted a new motto for Rescue My IRA after that:  Be not hasty.  It’s pretty much like anything else – if it sounds like there is an easy gain to be had, make sure that you’ve considered everything in the mix before you pull the trigger. It might still work out, but be prepared that it might not.

Watch and understand the news:  The second position worth noting as a “learning experience” was what happened to COP.  This is a stock I’ve held before in another account and had done well with - over the last ten years it paid a steady dividend and had reliable earnings that have meant share price gains. 

However, the company undertook some strategic “financial engineering” with some of assets in 2012, and I didn’t fully understand the impact that would have in the price of the shares.  I received shares from the spinoff of these assets – I recognized this as a dividend payment in my return calculations – and the price of the original COP holding was adjusted downward.  The option I had on the position was adjusted to be for original COP and the spinoff PSX, which would not pay dividends in the future.

So I closed out the option, and after doing a quick Monte Carlo analysis with the COP position, net of PSX, decided to close it out and put the proceeds to work with another stock.  The transaction resulted in a loss of about $187 on this position, which had a basis of $6,988 – overall, a 2.7% loss on the position.

The lesson learned is to watch the news diligently on Rescue My IRA positions, and consider carefully the impact these types of events can have on the shares.  I’ve never been a big fan of financial engineering by any firms, as I feel that this kind of activity masks management failures and defers recognizing them for the mistakes that they are...it’s something I will keep an eye out for in future positions.

I have a couple more posts to follow on the topic of 2012 Retrospective.  Next up is the story of three stocks - ACM, ADM, and HPQ - trades that I took some big hits on this year.

Dec 2012 Monthly Results (A Few Days Early)

I’m writing my month end post for December a few days early this year, since I’ve got a fairly busy couple of days ahead of me and I plan to put up a few retrospective posts during the first week of January as well.  So the account value I am reporting below is what was shown on Friday 12/28 shortly after the markets opened; I’ve also estimated the interest I’ve earned on cash returns at the rate I’ve been averaging this year, a laughable 7 cents.  For the most part, this will give an accurate presentation of the results – and I will correct anything where necessary when I do the year-end review post.

The account performance this month is a “good news – bad news” story.  I had a couple of interesting trading opportunities that performed well, and I collected $423.00 in dividends – those are the good news.  On the less desirable side, the HPQ shares I held were called away on their December expiry date – I’d forecasted this in my November results, and I took a hit on the shares – that would be the bad news, and I will start with that.

As I mentioned in my November results post, I believe I rushed into the HPQ investment.  I compromised my trading plan criteria by buying an S&P 3-star stock, albeit one with a great brand name.  It’s a turnaround play, but the shares have continued to show poor financial results – they made a bad acquisition last year, taking an earnings charge this year and having to make up for it in future quarters – all of which beat the share price down.

 

I worked hard to try and stay above water on HPQ, but I decided to sell a Dec 12 last month to pick up a little cash, and then let the stock be called away with a capital loss.  It is probably my biggest capital loss on a position of the year, and it is a lesson learned I’ll feature in the annual recap post. 

For good news, there is that collection of dividends - $423.00, a monthly return of 0.33% on the account value.  That far exceeds what you get from the bank, and the accumulation of all the dividends I collected this year is certainly a part of why the account still shows a positive return for the year.

On the covered calls side of things, I had two positions that had December contracts – ITW and SWK – and both were forecast to go ex-dividend during the month.  Interestingly, one-half of the ITW position was called on the ex-date at a gain of $354.44; I collected the dividend on the other half and rolled it out to January.  After the ex-date for SWK I bought to close the option contract there, and then rolled it out and up – also to a January contract.   I’m in a good spot with these shares and both positions are performing as I want them to, generating a 12% annualized return. 

On the hypothetical side of things, if I exclude HPQ from my monthly calculations – acknowledging it as a mistake I will try not to make again, between the covered call premiums, dividends, and share gain on ITW, I earned a return of $1,374.80 on the account – that’s more than 1 percent for the month, and meets my goal for Rescue My IRA.  I’ll just need to work on making sure I minimize special situations like that one in the future!

So, despite the good news – bad news theme, here are the statistics for December 2012:

Account Status:

·         Total Account Value, 12/28/2012 Market Open:  $131,252.12

·         Total Cash Reserve, 12/28/2012 Market Open:  $6,987.15

·         Core Stock Positions (as of 12/31/2012):   AFL (100 shares), CAT (100 shares), CSCO (500 shares), CSX (500 shares), DOW (300 shares), GLW (700 shares), HAL (300 shares), ITW (100 shares), LNC(400 shares), MSFT (300 shares), SWK (100 shares), SPLS (700 shares), URS (400 shares), WAG (300 shares)

Performance Metrics:
Option Premiums Collected (net, month of October):  $597.36
Capital Gains Collected (net, month of October): -$3,279.66

Dividends Collected (recognized on the ex-date): $423.00
Interest on Cash Reserve (total): $0.07
Total, Absolute Return:  -$2,259.23
Absolute Return, Percentage Basis:  Negative
Annualized Return, Percentage Basis:  Negative

Next Month To-dos:

January is a slow month for dividend, and I have only one position with a declared ex-dividend date coming up – LNC.  They pay $0.12 per share, so assuming the shares aren’t assigned on January 8 (I have a January covered call written on them), I will collect $48. 

I also have quite a few options expiring next month:  CAT, HAL, ITW, LNC, SWK, and WAG.  Some are currently in the money as I write this post, and some aren’t.  Plus there is the market complexity that will result from the idiotic “fiscal cliff” situation – so we’ll see how it goes. 

Unless I have trades to report, the next few posts will be retrospectives on Rescue My IRA trading activities and results for the 2012 calendar year. 

Happy new year to all, and best wishes for meeting your own financial objectives!

The GLW and CSX Positions - 2012 Performance

As I begin to assess how I’ve done as a covered call investor with the Rescue My IRA approach this year, I thought I might start with a pause and reflect on my two long-standing positions:  the 700-share GLW position, and the 500-share CSX positions.  They currently have May 2013 covered calls written on them, and I have held the shares pretty much since the beginning of the account.

As I reported last month, when I adjusted them with the May roll-out, I have earned a 12% annualized return on them – easily verifiable, since I’ve held them for more than a year.  Now, I’d rather that the positions on these shares were a bit closer in, but given the markets ups and downs, sometimes I take what I can get.

We’ll start first with a look at the basis for the shares.

GLW – 700 shares, purchased in several lots at a total cost of $9,241.88, or $13.20 per share

CSX – 500 shares, also purchased in a couple of lots, at a total cost of 10,861.01, or $21.72 per share

Over the course of holding these shares, I have written more than 10 contracts on each of them, as summarized in the table below:

Calculated on their respective bases, the premiums I’ve generated on these shares work out to 15.7% on GLW and 13.6% on CSX.  These holdings have met my goals of a 12% annualized return on the basis of the covered call premiums alone; however, they’ve also returned dividends along the way, since one of my screening criteria is a requirement for a dividend payment.

My goal on this criteria is to find shares that pay between 2 and 5% on an annual basis.  For GLW, assuming I hold the shares through the current May contract, I will have received a total of $276.00 in dividends, adding another 3% to the return, for a total of 18.7%.  On CSX, the dividend amounts are $338.00, or 3.1%, making a total of 16.7% on these shares.

The final component of returns in the Rescue My IRA account is capital gains on the shares.  On the GLW side of the ledger, here is where we have a little bit of a problem – at the current strike price of $13 per share I will take a capital loss on the position of about $160.  That will reduce my absolute return to 16.96% - it still averages out to 12.14% annualized for the position over the course of holding it approximately 510 days.

As for CSX, this stock has been a steady performer in this department – I’ve been writing covered calls at a $22.50 strike price since I first bought the shares, a price that will yield a capital gain of just about $371 on the position.  That works out to an absolute return of 20.15%, which annualizes to 14.42% over the 510-day holding period, slightly better than my goal of 12% annualized.

One of the advantages of using a portfolio model, as I do here with the Rescue My IRA account, is that you’ll have a few positions that exceed your goals, some that fall short, and some that perform right on target.  The GLW and CSX positions are examples of positions that have worked out as planned.

Next week, I’ll post my December monthly results and then write an annual results post.  I’ll follow those with a look at three trades where things didn’t go as planned, attempting to assess where my strategy went wrong.  I also have five positions where my goals were exceeded – even though the positions were short-lived – and I will put together a recap post on them as well.

Here’s to more positions that perform as reliably as GLW and CSX have for me in 2012!