Update from Orlando

Brandon Snow's picture

Here are some quick comments while I'm out of the office:

Three members of our team have been in Orlando this week attending the Raymond James Institutional Investor Conference. Between the three of us, we have seen dozens of companies over the last two days, and there is more to come on Wednesday.

Overall, the tone of the conference is positive with noted bullishness from the transportation companies. While we have exposure to the rails, trucking companies are becoming interesting. (Watch for a blog on this in the future.)

From a market perspective, the correction turned out to be shallower and quicker than we were expecting. On Monday, the Dow Transports (Dow Jones Transportation Average) hit an all-time high and today the Dow Jones Industrial Average reached a new high as well. From an economic perspective, recent releases support these moves.

Our cash positions remain higher than average, but it's important to remember we buy companies and not the index. We are seeing opportunities with companies pulling back to levels that interest us, even as the market marches higher.

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