We are closing a position in CG/B today. I had mentioned last week when we trimmed it to add to two other positions that I might do so on further strength. At last night's close, the stock offered just 21% to my one-year target, which is the lowest by far of any stock in the model. It is also somewhat overbought. Perhaps more importantly, I am concerned that it has gotten a bit too aggressive on its balance sheet, increasing its borrowings to fund even more share repurchases. With the sale, the equity position falls to about 70% of the model, still well above the 60% benchmark.

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