Thursday, November 09, 2006
Meanwhile, Wendy’s and Tim Horton’s parted ways and we were the beneficiary of our Tim Horton’s shares which have performed well post spin-off and hit an all-time high today. Cisco’s results were a blowout and the stock reflected that today. Morningstar has also rebounded nicely and the earnings report was quite solid. Electronic Arts, Comcast and Google have rallied nicely after beating the Street’s earnings estimates. CBS continued to generate a ton of cash and has announced a sizeable share buyback. Music to our ears.
On the downside,
Other changes during the month were the addition of Harrah’s Entertainment (NYSE: HET) to the portfolio. As I mentioned in a recent post on Margin of Safety, you can think of this as a nice placeholder for some of your cash. There has been no recent news since the initial flurry of activity after the first and only private equity offer of $81 for the company. For now we sit tight on this position. We may trim the position to raise cash if opportunities arise that are too good to pass on. We also took a position in