Top 20 Trade

While I continue to evaluate several new names, I haven't yet decided to add any of them.  We are reducing one of our largest names to fund a purchase of one of our names that has below-average exposure but average expected return.  Our sell-candidate declined 2% last week, while our buy was down 11%.  We had reduced that name on strength earlier this year, and it is now technically safer, in my view, to increase our exposure.  By the way, with the pullback, I am projecting price return of about 52% on the entire model now over the next year.  While we could see a little more downside this week, this feels like a good time to me to add to exposure in general.