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The Wax Report

When reasonable people come together and make reasonable decisions, much can be achieved. That was my belief when I formed Wax Ink, and that is my belief today.

Through all of the highs and lows that are investing, I have tried to show interested investors that a portfolio that buys great companies at great prices, and then holds those great companies for extended periods of time, will yield superior returns when compared to a portfolio in which the holdings are continuously changed.

I invite you to follow the Wax Ink Portfolio as I continue my journey through a world never intended for working class investors.

The Wax Report – Week Ending 05/27/2016
The energy heavy Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was up 2.1%, the Nasdaq was up 3.4%, the S&P 500 was up 2.3%, the Russell 2000 was up 3.5%, and the Volatility Index, commonly known as the VIX, was up 13.7%.

Year to date, the Wax Ink portfolio is down 14.7% on a per share held basis, the Dow is up 2.6%, the Nasdaq is down 1.5%, the S&P 500 is up 2.7%, the Russell 2000 is up 1.3%, and the VIX is lower by 28.0%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities held in the Wax Ink Portfolio was $29.12, making the current portfolio growth factor 12.47%.

Fair Warning
Remember, my goal is to find the stocks of financially sound, well established companies, offering reasonable growth at a reasonable price. I believe that I am doing that in the energy sector.

Hydrocarbon Prices
Two numbers often watched by oil traders are Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3). These numbers are now apart of The Wax Report.

WTI Crude ended the week at $49.33, up 3.3%, while Brent Crude ended the week at $49.32, up 1.2%, creating a crude price spread of $0.01, an decrease of 101.1% for the week. Distillate RBOB Gasoline ended the week at $1.6319, down 0.2%, and Heating Oil ended the week at $1.4914, up 0.2%, moving the Gulf Coast 3:2:1 Crack Spread to $17.28, down 8.7% for the week. Natural Gas ended the week at $2.17, up 5.3%.

Year to date WTI Crude is higher by 33.2%, Brent Crude is higher by 32.3%, Natural Gas is lower by 7.3%, RBOB Gasoline is higher by 28.4%, Heating Oil is higher by 32.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 20.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.36, up 1.5%, while the 10 Year Treasury ended the week at 1.83, up 0.5%. The 5 Year AAA Municipal Bond ended the week at 0.85, up 11.8%, and the 10 Year AAA Municipal Bond ended the week at 1.63, up 19.9%. Lastly, the 5 Year AAA Corporate closed the week at 1.42, down 6.0%, with the 10 Year AAA Corporate ending the week down 2.8% at 2.39.

Year to date the 5 Year Treasury is down 21.8%, the 10 Year Treasury is down 18.7%, the 5 Year AAA Muni is down 31.5%, the 10 year AAA Muni is down 23.8%, the 5 Year AAA Corporate is down 25.3%, and the 10 Year AAA Corporate is down 18.2%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Las Vegas Sands Corporation (NYSE: LVS) – FYE 12/2015

ArcBest Corporation (Nasdaq: ARCB) – FYE 12/2015

Ampco-Pittsburgh Corporation (NYSE: AP) – FYE 12/2015

Deluxe Corporation (NYSE: DLX) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Las Vegas Sands ($42-$49), ArcBest ($35-$42), Ampco-Pittsburgh ($17-$21), and Deluxe Corporation ($42-$48).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 05/20/2016
The energy heavy Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was down 0.2%, the Nasdaq was up 1.1%, the S&P 500 was up 0.3%, the Russell 2000 was up 0.9%, and the Volatility Index, commonly known as the VIX, was up 1.1%.

Year to date, the Wax Ink portfolio is down 14.6% on a per share held basis, the Dow is up 0.4%, the Nasdaq is down 4.7%, the S&P 500 is up 0.4%, the Russell 2000 is down 2.1%, and the VIX is lower by 16.5%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities held in the Wax Ink Portfolio was $28.68, making the current portfolio growth factor 13.49%.

Fair Warning
Remember, my goal is to find the stocks of financially sound, well established companies, offering reasonable growth at a reasonable price. I believe that I am doing that in the energy sector.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to realize what it is that I am talking about.

I was finally able to track down more accurate hydrocarbon data for some of the beginning of the year pricing which, when applied, ended up impacting the Crack Spread numbers. So if the week over week numbers seem “off” to you, that’s the reason why.

WTI Crude ended the week at $47.75, up 3.3%, while Brent Crude ended the week at $48.72, up 2.9%, creating a crude price spread of $0.97, an decrease of 13.4% for the week. Distillate RBOB Gasoline ended the week at $1.6356, up 3.0%, and Heating Oil ended the week at $1.4614, up 6.3%, moving the Gulf Coast 3:2:1 Crack Spread to $18.93, up 5.7% for the week. Natural Gas ended the week at $2.06, down 1.9%.

Year to date WTI Crude is higher by 28.9%, Brent Crude is higher by 30.7%, Natural Gas is lower by 12.0%, RBOB Gasoline is higher by 28.7%, Heating Oil is higher by 32.4%, and the Gulf Coast 3:2:1 Crack Spread is higher by 32.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.34, down up 13.6%, while the 10 Year Treasury ended the week at 1.82, up 8.3%. The 5 Year AAA Municipal Bond ended the week at 0.76, up 13.4%, and the 10 Year AAA Municipal Bond ended the week at 1.36, up 30.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.51, up 17.1%, with the 10 Year AAA Corporate ending the week up 7.4% at 2.46.

Year to date the 5 Year Treasury is down 23.0%, the 10 Year Treasury is down 19.1%, the 5 Year AAA Muni is down 38.7%, the 10 year AAA Muni is down 36.4%, the 5 Year AAA Corporate is down 20.5%, and the 10 Year AAA Corporate is down 15.8%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Gilead Sciences, Inc. (Nasdaq: GILD) – FYE 12/2015

Adams Resources and Energy, Inc. (NYSE: AE) – FYE 12/2015

Crane Company, Inc. (NYSE: CR) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Gilead Sciences ($85-$95), Adams Resources ($65-$75), and Crane Company ($44-$45).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 05/13/2016
The Wax Ink Portfolio was down 0.9% for the week.

By comparison, the Dow was down 1.1%, the Nasdaq was down 0.4%, the S&P 500 was down 0.5%, the Russell 2000 was down 1.1%, and the Volatility Index, commonly known as the VIX, was up 2.2%.

Year to date, the Wax Ink portfolio is down 14.4% on per share held basis, the Dow is up 0.7%, the Nasdaq is down 5.8%, the S&P 500 is up 0.2%, the Russell 2000 is down 3.0%, and the VIX is lower by 17.4%.

The portfolio breakdown is roughly 57% cash, 43% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $28.60, making the current portfolio growth factor 13.73%.

Fair Warning
Remember, my goal is to find the stocks of financially sound, well established companies, offering reasonable growth at a reasonable price.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to realize what it is that I am talking about.

WTI Crude ended the week at $46.21, up 3.5%, while Brent Crude ended the week at $47.33, up 4.3%, creating a crude price spread of $1.12, an increase of 57.7% for the week. Distillate RBOB Gasoline ended the week at $1.5882, up 6.1%, and Heating Oil ended the week at $1.4031, up 4.9%, moving the Gulf Coast 3:2:1 Crack Spread to $18.52, up 12.0% for the week. Natural Gas ended the week at $2.10, unchanged.

Year to date WTI Crude is higher by 24.8%, Brent Crude is higher by 27.0%, Natural Gas is lower by 10.3%, RBOB Gasoline is higher by 25.0%, Heating Oil is higher by 24.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 23.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.18, down 2.5%, while the 10 Year Treasury ended the week at 1.68, down 4.0%. The 5 Year AAA Municipal Bond ended the week at 0.67, down 5.6%, and the 10 Year AAA Municipal Bond ended the week at 1.04, down 21.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.29, up 2.4%, with the 10 Year AAA Corporate ending the week down 2.6% at 2.29.

Year to date the 5 Year Treasury is down 32.2%, the 10 Year Treasury is down 25.3%, the 5 Year AAA Muni is down 46.0%, the 10 year AAA Muni is down 51.4%, the 5 Year AAA Corporate is down 32.1%, and the 10 Year AAA Corporate is down 21.6%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Tesoro Corporation (NYSE: TSO) – FYE 12/2015

AK Steel Holding Corporation (NYSE: AKS) – FYE 12/2015

Best Buy Company, Inc. (NYSE: BBY) – FYE 02/2016

Lakeland Industries, Inc. (Nasdaq: LAKE) – FYE 01/2016

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Tesoro ($118-$161), AK Steel ($8-$11), Best Buy ($43-$52), and Lakeland Industries ($23-$30).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 05/06/2016
The Wax Ink Portfolio was down 6.5% for the week.

By comparison, the Dow was down 0.2%, the Nasdaq was down 0.8%, the S&P 500 was down 0.4%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was down 6.2%.

Year to date, the Wax Ink portfolio is down 13.7%, the Dow is up 1.8%, the Nasdaq is down 5.4%, the S&P 500 is up 0.6%, the Russell 2000 is down 1.9%, and the VIX is lower by 19.2%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Portfolio Growth Potential
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $33.15. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $28.76, placing the current portfolio growth potential 13.26%.

Fair Warning
I have had Kinder Morgan, Inc. (NYSE: KMI) on my watch list for a very long time and was able to add it to the portfolio on Friday, which is the reason for the large weekly decline in my portfolio value.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $44.66, down 2.7%, while Brent Crude ended the week at $45.37, down 4.2%, creating a crude price spread of $0.70, a decrease of 51.0% for the week. Distillate RBOB Gasoline ended the week at $1.4962, down 6.7%, and Heating Oil ended the week at 1.3373, down 3.5%, moving the Gulf Coast 3:2:1 Crack Spread to $16.54, down 13.0% for the week. Natural Gas ended the week at $2.10, down 3.7%.

Year to date WTI Crude is higher by 20.6%, Brent Crude is higher by 21.7%, Natural Gas is lower by 10.3%, RBOB Gasoline is higher by 17.7%, Heating Oil is higher by 18.7%, and the Gulf Coast 3:2:1 Crack Spread is higher by 9.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.21, down 4.7%, while the 10 Year Treasury ended the week at 1.75, down 3.3%. The 5 Year AAA Municipal Bond ended the week at 0.71, down 10.1%, and the 10 Year AAA Municipal Bond ended the week at 1.33, down 8.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.26, up 4.1%, with the 10 Year AAA Corporate ending the week up 1.7% at 2.35.

Year to date the 5 Year Treasury is down 30.5%, the 10 Year Treasury is down 22.2%, the 5 Year AAA Muni is down 42.7%, the 10 year AAA Muni is down 37.9%, the 5 Year AAA Corporate is down 33.7%, and the 10 Year AAA Corporate is down 19.5%.

Baseline Valuation Estimates and Worksheets
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent SEC 10-K ANNUAL financial data as reported to the U.S. Securities and Exchange Commission.

Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Chicago Rivet and Machine Company (NYSE: CVR) – FYE 12/2015

Joy Global, Inc. (NYSE: JOY) – FYE 10/2015

Westinghouse Air Brake Technologies Corporation (NYSE: WAB) – FYE 12/2015

AO Smith Corporation (NYSE: AOS) – FYE 12/2015

Quaker Chemical Corporation (NYSE: KWR) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Chicago Rivet ($41-$50), Joy Global ($32-$41), Westinghouse Air Brake ($55-$60), AO Smith ($47-$54), and Quaker Chemical ($63-$67).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 04/29/2016
The Wax Ink Portfolio was down 0.6% for the week.

By comparison, the Dow was down 1.3%, the Nasdaq was down 2.7%, the S&P 500 was down 1.3%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 18.8%.

Year to date, the Wax Ink portfolio is down 7.6%, the Dow is up 2.0%, the Nasdaq is down 4.6%, the S&P 500 is up 1.0%, the Russell 2000 is down 0.4%, and the VIX is lower by 13.8%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio was $30.57, making the current portfolio growth factor 10.31%.

Fair Warning
There was no change to the number of shares held in the portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $45.92, up 5.0%, while Brent Crude ended the week at $47.37, up 5.0%, creating a crude price spread of $1.45, an increase of 5.1% for the week. Distillate RBOB Gasoline ended the week at $1.6044, up 4.8%, and Heating Oil ended the week at $1.3860, up 5.9%, moving the Gulf Coast 3:2:1 Crack Spread to $19.02, up 5.4% for the week. Natural Gas ended the week at $2.18, up 1.9%.

Year to date WTI Crude is higher by 24.0%, Brent Crude is higher by 27.1%, Natural Gas is lower by 6.8%, RBOB Gasoline is higher by 26.2%, Heating Oil is higher by 23.0%, and the Gulf Coast 3:2:1 Crack Spread is higher by 26.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.27, down 5.2%, while the 10 Year Treasury ended the week at 1.81, down 3.2%. The 5 Year AAA Municipal Bond ended the week at 0.79, up 2.6%, and the 10 Year AAA Municipal Bond ended the week at 1.45, up 23.9%. Lastly, the 5 Year AAA Corporate closed the week at 1.21, down 6.2%, with the 10 Year AAA Corporate ending the week up 2.2% at 2.31.

Year to date the 5 Year Treasury is down 27.0%, the 10 Year Treasury is down 19.6%, the 5 Year AAA Muni is down 36.3%, the 10 year AAA Muni is down 32.2%, the 5 Year AAA Corporate is down 36.3%, and the 10 Year AAA Corporate is down 20.9%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cal-Maine Foods, Inc. (Nasdaq: CALM) – FYE 05/2015

Kaman Corporation (Nasdaq: KAMN) – FYE 12/2015

Valero Energy Corporation (NYSE: VLO) – FYE 12/2015

Hess Corporation (NYSE: HES) – FYE 12/2015

Phillips 66 (NYSE: PSX) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cal-Maine ($46-$54), Kaman Corporation ($37-$42), Valero Energy ($98-$112), Hess Corporation ($68-$69), and Phillips 66 ($69-$74).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Report – Week Ending 04/22/2016
The Wax Ink Portfolio was up 1.8% for the week.

By comparison, the Dow was up 0.1%, the Nasdaq was down 0.6%, the S&P 500 was up 0.5%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 2.9%.

Year to date, the Wax Ink portfolio is down 7.1%, the Dow is up 3.3%, the Nasdaq is down 2.0%, the S&P 500 is up 2.3%, the Russell 2000 is up 1.0%, and the VIX is lower by 27.4%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.08. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.02, making the current value spread (8.98%).

Fair Warning
There was no change to the number of portfolio during the prior week.

Hydrocarbon Prices
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

WTI Crude ended the week at $43.73, up 8.3%, while Brent Crude ended the week at $45.11, up 4.7%, creating a crude price spread of $1.38, an decrease of 49.6% for the week. On the other side of the floor Natural Gas ended the week at $2.4, up 12.6%, RBOB Gasoline ended the week at $1.5309, up 4.8%, and Heating Oil ended the week at $1.3089, up 5.9%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.04, down 2.0% for the week.

Year to date WTI Crude is higher by 18.1%, Brent Crude is higher by 21.0%, Natural Gas is lower by 8.5%, RBOB Gasoline is higher by 20.4%, Heating Oil is higher by 16.2%, and the Gulf Coast 3:2:1 Crack Spread is higher by 19.8%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.34, up 12.6%, while the 10 Year Treasury ended the week at 1.87, up 21.4%. The 5 Year AAA Municipal Bond ended the week at 0.77, up 1.3%, and the 10 Year AAA Municipal Bond ended the week at 1.17, up 4.5%. Lastly, the 5 Year AAA Corporate closed the week at 1.29, up 9.3%, with the 10 Year AAA Corporate ending the week up 1.3% at 2.26.

Year to date the 5 Year Treasury is down 23.0%, the 10 Year Treasury is down 16.9%, the 5 Year AAA Muni is down 37.9%, the 10 year AAA Muni is down 45.3%, the 5 Year AAA Corporate is down 32.1%, and the 10 Year AAA Corporate is down 22.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cash America International, Inc. (NYSE: CSH) – FYE 12/2015

Lear Corporation (NYSE: LEA) – FYE 12/2015

Layne Christensen Company, Inc. (Nasdaq: LAYN) – FYE 01/2016

Ulta Salon Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) – FYE 01/2016

The Home Depot, Inc. (NYSE: HD) – FYE 01/2016

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cash America ($52-$62), Lear Corporation ($86-$90), Layne Christensen ($3-$3), Ulta Salon ($62-$73), and Home Depot ($64-$66).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 04/15/2016
The Wax Ink Portfolio was up 1.3% for the week.

By comparison, the Dow was up 2.3%, the Nasdaq was up 1.8%, the S&P 500 was up 1.6%, the Russell 2000 was up 3.4%, and the Volatility Index, commonly known as the VIX, was down 11.3%.

Year to date, the Wax Ink portfolio is down 8.8%, the Dow is up 3.2%, the Nasdaq is down 1.4%, the S&P 500 is up 1.8%, the Russell 2000 is down 0.4%, and the VIX is lower by 25.2%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.91, making the current value spread (12.90%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

Hydrocarbon Prices
WTI Crude ended the week at $40.36, up 1.6%, while Brent Crude ended the week at $43.10, up 2.8%, creating a crude price spread of $2.72, an increase of 23.4% for the week. On the other side of the floor Natural Gas ended the week at $1.90, down 4.5%, RBOB Gasoline ended the week at $1.4612, down 0.2%, and Heating Oil ended the week at $1.2357, down 10.3%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.40, up 5.4% for the week.

Year to date WTI Crude is higher by 9.0%, Brent Crude is higher by 15.6%, Natural Gas is lower by 18.8%, RBOB Gasoline is higher by 15.0%, Heating Oil is higher by 9.7%, and the Gulf Coast 3:2:1 Crack Spread is higher by 22.2%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.19, up 5.3%, while the 10 Year Treasury ended the week at 1.54, down 9.4%. The 5 Year AAA Municipal Bond ended the week at 0.76, up 1.3%, and the 10 Year AAA Municipal Bond ended the week at 1.12, down 6.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.18, up 0.9%, with the 10 Year AAA Corporate ending the week unchanged at 2.23.

Year to date the 5 Year Treasury is down 31.6%, the 10 Year Treasury is down 31.6%, the 5 Year AAA Muni is down 38.7%, the 10 year AAA Muni is down 47.7%, the 5 Year AAA Corporate is down 37.9%, and the 10 Year AAA Corporate is down 23.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Lakeland Industries, Inc. (Nasdaq: LAKE) – FYE 01/2015

CF Industries Holdings, Inc. (NYSE: CF) – FYE 12/2015

Dorman Products, Inc. (Nasdaq: DORM) – FYE 12/2015

Snap-On, Inc. (NYSE: SNA) – FYE 12/2015

Harley-Davidson, Inc. (NYSE: HOG) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Lakeland Industries ($31-$52), CF Industries ($16-$20), Dorman Products ($47-$55), Snap-On ($84-$91), and Harley-Davidson ($42-$46).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 04/08/2016
The Wax Ink Portfolio was down 0.2% for the week.

By comparison, the Dow was down 1.2%, the Nasdaq was down 1.3%, the S&P 500 was down 1.2%, the Russell 2000 was down 2.1%, and the Volatility Index, commonly known as the VIX, was up 17.3%.

Year to date, the Wax Ink portfolio is down 10%, the Dow is up 0.9%, the Nasdaq is down 3.1%, the S&P 500 is up 0.2%, the Russell 2000 is down 3.7%, and the VIX is lower by 15.7%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.58, making the current value spread (13.86%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly performance reports and just wanted folks to understand what it is that I am talking about.

Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.72, up 8%, while Brent Crude ended the week at $41.94, up 8.5%, creating a crude price spread of $2.22, an increase of 18.1% for the week. On the other side of the floor Natural Gas ended the week at $1.99, up 3.1%, RBOB Gasoline ended the week at $1.4637, up 4.4%, and Heating Oil ended the week at $1.112, down 1.0%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $17.46, down 7.2% for the week.

Year to date WTI Crude is higher by 7.2%, Brent Crude is higher by 12.5%, Natural Gas is lower by 15%, RBOB Gasoline is higher by 15.2%, Heating Oil is lower by 0.6%, and the Gulf Coast 3:2:1 Crack Spread is higher by 16.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.13, down 5%, while the 10 Year Treasury ended the week at 1.70, down 2.9%. The 5 Year AAA Municipal Bond ended the week at 0.75, down 11.8%, and the 10 Year AAA Municipal Bond ended the week at 1.20, down 16.1%. Lastly, the 5 Year AAA Corporate closed the week at 1.17, down 2.5%, with the 10 Year AAA Corporate ending the week at 2.23, down 3.5%.

Year to date the 5 Year Treasury is down 35.1%, the 10 Year Treasury is down 24.4%, the 5 Year AAA Muni is down 39.5%, the 10 year AAA Muni is down 43.9%, the 5 Year AAA Corporate is down 38.4%, and the 10 Year AAA Corporate is down 23.6%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Parker Hannifin Corporation (NYSE: PHI) – FYE 06/2015

Encore Wire Corporation (Nasdaq: WIRE) – FYE 12/2015

Fastenal Company, Inc. (Nasdaq: FAST) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Parker Hannifin ($71-$71), Encore Wire ($43-$53), and Fastenal ($34-$43).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 04/01/2016
The Wax Ink Portfolio was up 0.6% for the week.

By comparison, the Dow was up 1.6%, the Nasdaq was up 3.0%, the S&P 500 was up 1.8%, the Russell 2000 was up 3.5%, and the Volatility Index, commonly known as the VIX, was down 11.1%.

Year to date, the Wax Ink portfolio is down 9.8%, the Dow is up 2.1%, the Nasdaq is down 1.8%, the S&P 500 is up 1.4%, the Russell 2000 is down 1.6%, and the VIX is lower by 28.1%.

The portfolio breakdown remains roughly 58% cash, 42% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.76, making the current value spread (13.33%).

Fair Warning
I have started to include the Crude Spread (Brent Crude less WTI Crude) as well as the Gulf Coast Crack Spread (two barrels of gasoline + one barrel of heating oil – three barrels of crude oil) / 3) in my weekly market reports and just wanted folks to understand what it is that I am talking about.

Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.79, down 6.8%, while Brent Crude ended the week at $38.67, down 4.4%, creating a crude price spread of $1.88, an increase of 91.8% for the week. On the other side of the floor Natural Gas ended the week at $1.96, up 8.3%, RBOB Gasoline ended the week at $1.4016, down 4.4%, and Heating Oil ended the week at $1.137, down 5.5%. This adjusted the Gulf Coast 3:2:1 Crack Spread to $18.81, down 4.8% for the week.

Year to date WTI Crude is down 0.7%, Brent Crude is up 3.7%, Natural Gas is down 16.2%, RBOB Gasoline is up 10.3%, Heating Oil is up 0.5%, and the Gulf Coast 3:2:1 Crack Spread is up 24.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.19, down 12.5%, while the 10 Year Treasury ended the week at 1.75, down 6.9%. The 5 Year AAA Municipal Bond ended the week at 0.85, down 6.6%, and the 10 Year AAA Municipal Bond ended the week at 1.43, down 19.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.20, down 21.6%, with the 10 Year AAA Corporate ending the week at 2.31, down 8.0%.

Year to date the 5 Year Treasury is down 31.6%, the 10 Year Treasury is down 22.2%, the 5 Year AAA Muni is down 31.5%, the 10 year AAA Muni is down 33.2%, the 5 Year AAA Corporate is down 36.8%, and the 10 Year AAA Corporate is down 20.9%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

United Technologies Corporation (NYSE: UTX) – FYE 12/2015

Danaher Corporation (NYSE: DHR) – FYE 12/2015

Spectrum Energy Corporation (NYSE: SE) – FYE 12/2015

Lydall, Inc. (NYSE: LDL) – FYE 12/2015

Caterpillar, Inc. (NYSE: CAT) – FYE 12/2015

Lydall, Inc. (NYSE: LDL) – FYE 12/2015

Huntington Ingalls Industries, Inc. (NYSE: HII) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for United Technologies ($47-$61), 3M ($64-$92), Danaher Corporation ($43-$50), Spectrum Energy ($19-$25), Lydall ($36-$45), Caterpillar ($43-$51), and Huntington Ingalls ($73-$77).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

The Wax Ink Portfolio was down 0.7% for the week.

By comparison, the Dow was down 0.5%, the Nasdaq was down 0.5%, the S&P 500 was down 0.7%, the Russell 2000 was down 2.0%, and the Volatility Index, commonly known as the VIX, was up 5.1%.

Year to date, the Wax Ink portfolio is down 10.3%, the Dow is up 0.5%, the Nasdaq is down 4.7%, the S&P 500 is down 0.4%, the Russell 2000 is down 5.0%, and the VIX is lower by 19.1%.

The portfolio breakdown remains roughly 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.32, making the current value spread (14.60%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.46, up 0.1%, while Brent Crude ended the week at $40.44, down 1.8%, creating a crude price spread of $0.98. On the other side of the floor Natural Gas ended the week at $1.81, up 5.2%, and RBOB Gasoline ended the week at $1.4659, up 2.7%.

Year to date WTI Crude is up 6.5%, Brent Crude is up 8.5%, Natural Gas is down 22.6%, and RBOB Gasoline is up 15.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.36, up 3.8%, while the 10 Year Treasury ended the week at 1.88, up1.1%. The 5 Year AAA Municipal Bond ended the week at 0.91, down 1.1%, and the 10 Year AAA Municipal Bond ended the week at 1.78, up 1.7%. Lastly, the 5 Year AAA Corporate closed the week at 1.53, up 12.5%, with the 10 Year AAA Corporate ending the week at 2.51, up 2.0%.

Year to date the 5 Year Treasury is down 21.8%, the 10 Year Treasury is down 16.4%, the 5 Year AAA Muni is down 26.6%, the 10 year AAA Muni is down 16.8%, the 5 Year AAA Corporate is down 19.5%, and the 10 Year AAA Corporate is down 14.0%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cummins, Inc. (NYSE: CMI) – FYE 12/2015

3M Company (NYSE: MMM) – FYE 12/2015

Ingersoll-Rand, plc (NYSE: IR) – FYE 12/2015

Honeywell International, Inc. (NYSE: HON) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cummins ($87-$91), 3M ($64-$92), Ingersoll-Rand ($35-$38), and Honeywell ($53-$70).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 03/18/2016
The Wax Ink Portfolio was unchanged for the week.

By comparison, the Dow was up 2.2%, the Nasdaq was up 1.0%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 15.0%.

Year to date, the Wax Ink portfolio is down 9.7%, the Dow is up 1.0%, the Nasdaq is down 4.2%, the S&P 500 is up 0.3%, the Russell 2000 is down 3.0%, and the VIX is lower by 23.0%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.78, making the current value spread (13.25%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.

With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $39.44, up 2.4%, while Brent Crude ended the week at $41.20, up 2.0%, creating a crude price spread of $1.76. On the other side of the floor Natural Gas ended the week at $1.91, up 4.9%, and RBOB Gasoline ended the week at $1.4273, down 1.2%.

Year to date WTI Crude is up 6.5%, Brent Crude is up 10.5%, Natural Gas is down 18.4%, and RBOB Gasoline is up 12.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.31, down 10.9%, while the 10 Year Treasury ended the week at 1.86, down 5.1%. The 5 Year AAA Municipal Bond ended the week at 0.92, up 4.5%, and the 10 Year AAA Municipal Bond ended the week at 1.75, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.36, down 13.9%, with the 10 Year AAA Corporate ending the week at 2.46, down 2.8%.

Year to date the 5 Year Treasury is down 24.7%, the 10 Year Treasury is down 17.3%, the 5 Year AAA Muni is down 25.8%, the 10 year AAA Muni is down 18.2%, the 5 Year AAA Corporate is down 28.4%, and the 10 Year AAA Corporate is down 15.8%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Pilgrim’s Pride Corporation (NYSE: PPC) – FYE 12/2015

DXP Enterprises, Inc. (Nasdaq: DXPE) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Pilgrim’s Pride ($34-$43), and DXP Enterprises ($22-$25).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 03/11/2016
The Wax Ink Portfolio was down 0.1% for the week.

By comparison, the Dow was up 1.2%, the Nasdaq was up 0.7%, the S&P 500 was up 1.1%, the Russell 2000 was up 0.4%, and the Volatility Index, commonly known as the VIX, was down 2.1%.

Year to date, the Wax Ink portfolio is down 9.7%, the Dow is down 1.2%, the Nasdaq is down 5.2%, the S&P 500 is down 1.1%, the Russell 2000 is down 4.4%, and the VIX is lower by 9.4%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $34.33. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.53, making the current value spread (13.99%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies. With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

I have completed my the updates to the baseline valuation worksheets for the stocks I hold in the Wax Ink Portfolio. The new average baseline valuation for all stocks in the portfolio is $34.33, an approximate 9.5% valuation reduction year over year.

Also starting this week, I have removed the Winners, Losers, and Portfolio Duds sections of the Performance Report. To see the specific winners and losers every week, please download the Wax Ink Portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $38.50, up 7.2%, while Brent Crude ended the week at $40.39, up 4.3%, creating a crude price spread of $1.89. On the other side of the floor Natural Gas ended the week at $1.82, up 9.0%, and RBOB Gasoline ended the week at $1.4443, up 8.4%.

Year to date WTI Crude is up 3.9%, Brent Crude is up 8.3%, Natural Gas is down 22.2%, and RBOB Gasoline is up 13.6%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.47, up 8.9%, while the 10 Year Treasury ended the week at 1.96, up 5.9%. The 5 Year AAA Municipal Bond ended the week at 0.88, up 3.5%, and the 10 Year AAA Municipal Bond ended the week at 1.76, up 7.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.58, up 2.6%, with the 10 Year AAA Corporate ending the week at 2.53, down 3.4%.

Year to date the 5 Year Treasury is down 15.5%, the 10 Year Treasury is down 12.9%, the 5 Year AAA Muni is down 29.0%, the 10 year AAA Muni is down 17.8%, the 5 Year AAA Corporate is down 16.8%, and the 10 Year AAA Corporate is down 13.4%.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Schweitzer-Maudit International, Inc. (NYSE: SWM) – FYE 12/2015

General Electric Company (NYSE: GE) – FYE 12/2015

Agrium, Inc. (NYSE: AGU) – FYE 12/2015

Corning Incorporated (NYSE: GLW) – FYE 12/2015

Western Refining, Inc. (NYSE: WNR) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Schweitzer-Maudit ($33-$40), General Electric ($17-$23), Agrium ($64-$65), Corning ($27-$34), and Western Refining ($56-$64).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/26/2016
The Wax Ink Portfolio was up 1.1% for the week.

By comparison, the Dow was up 1.5%, the Nasdaq was up 1.9%, the S&P 500 was up 1.6%, the Russell 2000 was up 2.7%, and the Volatility Index, commonly known as the VIX, was down 3.5%.

Year to date, the Wax Ink portfolio is down 12.2%, the Dow is down 4.5%, the Nasdaq is down 8.3%, the S&P 500 is down 4.7%, the Russell 2000 is down 8.7%, and the VIX is higher by 8.8%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $36.75. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.97, making the current value spread (23.88%).

Fair Warning
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hetic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies. With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.

Hydrocarbon Prices
WTI Crude ended the week at $32.78, up 10.6%, while Brent Crude ended the week at $35.10, up 6.3%, creating a crude price spread of $2.32. On the other side of the floor Natural Gas ended the week at $1.79, down 9.1%, and RBOB Gasoline ended the week at $1.0166, up 6.0%.

Year to date WTI Crude is down 11.5%, Brent Crude is down 5.8%, Natural Gas is down 23.5%, and RBOB Gasoline is down 20.0%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.23, up 1.7%, while the 10 Year Treasury ended the week at 1.74, up 0.6%. The 5 Year AAA Municipal Bond ended the week at 0.73, up 14.1%, and the 10 Year AAA Municipal Bond ended the week at 1.46, up 5.8%. Lastly, the 5 Year AAA Corporate closed the week at 1.12, down 8.9%, with the 10 Year AAA Corporate ending the week at 2.39, down 3.2%.

Year to date the 5 Year Treasury is down 29.3%, the 10 Year Treasury is down 22.7%, the 5 Year AAA Muni is down 41.1%, the 10 year AAA Muni is down 31.8%, the 5 Year AAA Corporate is down 41.1%, and the 10 Year AAA Corporate is down 18.2%.

Weekly Winners
This week’s portfolio winners were offshore rig contractor McDermott International (NYSE: MDR), up 31%, independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 19%, and municipal construction company Layne Christensen (Nasdaq: LAYN), up 13%.

Weekly Losers
This week’s portfolio loser was cigarette paper maker Shweitzer-Maudit International (NYSE: SWM), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 59% since being added to the portfolio, and offshore supply boat company Tidewater, down 54% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 45% since being added to the portfolio, and building materials company Griffon Corporation down 18% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

The Goodyear Tire and Rubber Company (NYSE: GT) – FYE 12/2015

Kinder Morgan, Inc. (NYSE: KMI) – FYE 12/2015

Alcoa, Inc. (NYSE: AA) – FYE 12/2015

Sanderson Farms, Inc. (Nasdaq: SAFM) – FYE 10/2015

ConocoPhillips (NYSE: COP) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Goodyear Tire and Rubber ($34-$40), Kinder Morgan ($22-$28), Alcoa ($24-$29), Sanderson Farms ($87-$92), and ConocoPhillips ($46-$51).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/19/2016
The Wax Ink Portfolio was down 1.6% for the week.

By comparison, the Dow was up 2.6%, the Nasdaq was up 3.8%, the S&P 500 was up 2.8%, the Russell 2000 was up 3.9%, and the Volatility Index, commonly known as the VIX, was down 19.2%.

Year to date, the Wax Ink portfolio is down 13.2%, the Dow is down 5.9%, the Nasdaq is down 10.0%, the S&P 500 is down 6.2%, the Russell 2000 is down 11.1%, and the VIX is higher by 12.7%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $26.98, making the current value spread (27.41%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $29.64, up 0.7%, while Brent Crude ended the week at $33.01, down 1.0%, creating a crude price spread of $3.37. On the other side of the floor Natural Gas ended the week at $1.80, down 8.6%, and RBOB Gasoline ended the week at $0.9594, down 8.0%.

Year to date WTI Crude is down 20.0%, Brent Crude is down 11.5%, Natural Gas is down 23.1%, and RBOB Gasoline is down 24.5%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.21, up 2.5%, while the 10 Year Treasury ended the week at 1.73, unchanged. The 5 Year AAA Municipal Bond ended the week at 0.64, unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.38, down 10.4%. Lastly, the 5 Year AAA Corporate closed the week at 1.23, up 33.7%, with the 10 Year AAA Corporate ending the week at 2.47, down 5.0%.

Year to date the 5 Year Treasury is down 30.5%, the 10 Year Treasury is down 23.1%, the 5 Year AAA Muni is down 48.4%, the 10 year AAA Muni is down 35.5%, the 5 Year AAA Corporate is down 35.3%, and the 10 Year AAA Corporate is down 15.4%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen (Nasdaq: LAYN), up 13%, offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 9%, and construction products company GCP Applied Technologies (NYSE: GCP), up
4%.

Weekly Losers
This week’s portfolio losers were cigarette paper maker Shweitzer-Maudit International (NYSE: SWM), down 20%, independent oil and gas producer Marathon Oil (NYSE: MRO), down 10%, and agricultural chemicals company Agrium, Inc. (NYSE: AGU), down
1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 63% since being added to the portfolio, and offshore supply boat company Tidewater, down 58% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 54% since being added to the portfolio, building materials company Griffon Corporation down 20% since being added to the portfolio, and offshore construction contractor McDermott International down 22% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

McCormick and Company Incorporated (NYSE: MKC) – FYE 11/2015

Hormel Foods Corporation (NYSE: HRL) – FYE 10/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for McCormick and Company ($41-$44), and Hormel Foods ($39-$46).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/12/2016
The Wax Ink Portfolio was down 0.3% for the week.

By comparison, the Dow was down 1.4%, the Nasdaq was down 0.6%, the S&P 500 was down 0.8%, the Russell 2000 was down 1.4%, and the Volatility Index, commonly known as the VIX, was up 8.6%.

Year to date, the Wax Ink portfolio is down 11.8%, the Dow is down 8.3%, the Nasdaq is down 13.4%, the S&P 500 is down 8.8%, the Russell 2000 is down 14.4%, and the VIX is higher by 39.5%.

The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.47, making the current value spread (26.10%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $29.44, down 4.7%, while Brent Crude ended the week at $33.36, down 2.1%, creating a crude price spread of $3.92. On the other side of the floor Natural Gas ended the week at $1.97, down 4.4%, and RBOB Gasoline ended the week at $1.043, up 5.1%.

Year to date WTI Crude is down 20.5%, Brent Crude is down 10.5%, Natural Gas is down 15.8%, and RBOB Gasoline is down 17.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.18, down 3.3%, while the 10 Year Treasury ended the week at 1.73, down 4.4%. The 5 Year AAA Municipal Bond ended the week at 0.64, down 9.9%, and the 10 Year AAA Municipal Bond ended the week at 1.54, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 0.92, down 10.7%, with the 10 Year AAA Corporate ending the week at 2.60, unchanged.

Year to date the 5 Year Treasury is down 32.2%, the 10 Year Treasury is down 23.1%, the 5 Year AAA Muni is down 48.4%, the 10 year AAA Muni is down 28.0%, the 5 Year AAA Corporate is down 51.6%, and the 10 Year AAA Corporate is down 11.0%.

Weekly Winners
This week’s portfolio winners were rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 9%, cigarette paper maker Schweitzer-Maudit International (NYSE: SWM), up 3%, and specialty chemical company WR Grace and Company (NYSE: GRA), up 1%.

Weekly Losers
This week’s portfolio losers were offshore supply boat company Tidewater (NYSE: TDW), down 21%, offshore construction contractor McDermott International (NYSE: MDR), down 12%, and independent oil and gas company Marathon Oil and Corporation (NYSE: MRO), down 10%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 68% since being added to the portfolio, and offshore supply boat company Tidewater, down 62% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 48% since being added to the portfolio, building materials company Griffon Corporation down 21% since being added to the portfolio, and offshore construction contractor McDermott International down 24% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Cintas Corporation (Nasdaq: CTAS) – FYE 05/2015

Ulta Salon, Cosmetics and Fragrance, Inc. (Nasdaq: ULTA) – FYE 01/2015

The Home Depot, Inc. (NYSE: HD) – FYE 01/2015

Paychex, Inc. (Nasdaq: PAYX) – FYE 05/2015

Linear Technology Corporation (Nasdaq: LLTC) – FYE 06/2015

The Boeing Company (NYSE: BA) – FYE 12/2015

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Cintas Corporation ($47-$53), Ulta Cosmetics ($53-$65), Home Depot ($63-$64), Paychex ($33-$41), Linear Technology ($38-$45), and Boeing ($56-$71).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 02/05/2016
The Wax Ink Portfolio was down 7.0% for the week.

By comparison, the Dow was up 1.6%, the Nasdaq was down 5.4%, the S&P 500 was down 3.1%, the Russell 2000 was down 4.8%, and the Volatility Index, commonly known as the VIX, was up 15.7%.

Year to date, the Wax Ink portfolio is down 11.5%, the Dow is down 7.0%, the Nasdaq is down 12.9%, the S&P 500 is down 8.0%, the Russell 2000 is down 13.2%, and the VIX is higher by 28.4%.

The portfolio breakdown is 59% cash, 41% equities, and 0% bonds.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.17. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $27.79, making the current value spread (25.22%).

Fair Warning
WR Grace completed the separation of its construction products business on February 3, 2016 via a one for one distribution meaning for every share of WR Grace stock I owned, I received a like number of shares in the new company. The name of the new company is GCP Applied Technologies, Inc. (NYSE: GCP) and began trading on February 4, opening at $16.27. I am in the process of figuring out how to adjust the cost basis of my WR Grace shares and create a cost basis for the new shares. But for now I have added the new shares to the portfolio.

Hydrocarbon Prices
WTI Crude ended the week at $30.89, down 8.1%, while Brent Crude ended the week at $34.06, down 5.4%, creating a crude price spread of $3.17. On the other side of the floor Natural Gas ended the week at $2.06, down 10.4%, and RBOB Gasoline ended the week at $0.993, down 12.3%.

Year to date WTI Crude is down 16.6%, Brent Crude is down 8.6%, Natural Gas is down 12.0%, and RBOB Gasoline is down 21.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.22, down 6.2%, while the 10 Year Treasury ended the week at 1.81, down 4.7%. The 5 Year AAA Municipal Bond ended the week at 0.71, down 9.0%, and the 10 Year AAA Municipal Bond ended the week at 1.55, down 0.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.03, down 25.9%, with the 10 Year AAA Corporate ending the week at 2.60, down 1.9%.

Year to date the 5 Year Treasury is down 29.9%, the 10 Year Treasury is down 19.6%, the 5 Year AAA Muni is down 42.7%, the 10 year AAA Muni is down 27.6%, the 5 Year AAA Corporate is down 45.8%, and the 10 Year AAA Corporate is down 11.0%.

Weekly Winners
This week’s portfolio winners were offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 11%, municipal construction company Layne Christensen Company (Nasdaq: LAYN), up 4%, and construction products company GCP Applied Technologies, Inc. (NYSE: GCP), up 1%.

Weekly Losers
This week’s portfolio losers were oil company Marathon Oil Corporation (NYSE: MRO), down 13%, refiner HollyFrontier Corporation (NYSE: HFC), down 11%, and building materials company Griffon Corporation (NYSE: GFF), down 8%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 66% since being added to the portfolio, and offshore supply boat company Tidewater, down 52% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 42% since being added to the portfolio, building materials company Griffon Corporation down 22% since being added to the portfolio, and offshore construction contractor McDermott International down 14% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

DXP Enterprises, Inc. (Nasdaq: DXPE) – FYE 12/2014

Lydall, Inc. (NYSE: LDL) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for DXP Enterprises ($44-$45), and Lydall ($32-$40).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/29/2016
The Wax Ink Portfolio was down 0.5% for the week.

By comparison, the Dow was up 2.3%, the Nasdaq was up 0.5%, the S&P 500 was up 1.7%, the Russell 2000 was up 1.4%, and the Volatility Index, commonly known as the VIX, was down 9.6%.

Year to date, the Wax Ink portfolio is down 4.8%, the Dow is down 5.5%, the Nasdaq is down 7.9%, the S&P 500 is down 5.1%, the Russell 2000 is down 8.8%, and the VIX is higher by 10.9%.

The portfolio breakdown is 59% cash, 41% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $30.98, making the current value spread -16.26%.

Hydrocarbon Prices
WTI Crude ended the week at $33.62, up 4.4%, while Brent Crude ended the week at $35.99, up 11.8%, creating a crude price spread of $2.37. On the other side of the floor Natural Gas ended the week at $2.30, up 7.5%, and RBOB Gasoline ended the week at $1.132, up 4.4%.

Year to date WTI Crude is down 9.2%, Brent Crude is down 3.5%, Natural Gas is down 1.7%, and RBOB Gasoline is down 10.9%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.30, down 11.0%, while the 10 Year Treasury ended the week at 1.90, down 6.4%. The 5 Year AAA Municipal Bond ended the week at 0.78, down 3.7%, and the 10 Year AAA Municipal Bond ended the week at 1.56, up 1.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.39, down 6.7%, with the 10 Year AAA Corporate ending the week at 2.65, down 2.6%.

Year to date the 5 Year Treasury is down 25.3%, the 10 Year Treasury is down 15.6%, the 5 Year AAA Muni is down 37.1%, the 10 year AAA Muni is down 27.1%, the 5 Year AAA Corporate is down 26.8%, and the 10 Year AAA Corporate is down 9.2%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen (Nasdaq: LAYN), up 9%, upstream oil company Marathon Oil Corporation (NYSE: MRO), up 8%, and conglomerate General Electric (NYSE: GE), up 3%.

span style=”font-family: Arial; font-size: 9pt;”>Weekly Losers
This week’s portfolio losers were specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, building materials company Griffon Corporation (NYSE: GFF), down 6%, and supply boat company Tidewater, Inc. (NYSE: TDW), down 3%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 68% since being added to the portfolio, and offshore supply boat company Tidewater, down 57% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 33% since being added to the portfolio, building materials company Griffon Corporation down 15% since being added to the portfolio, and offshore construction contractor McDermott International down 12% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Wynn Resorts, Ltd. (Nasdaq: WYNN) – FYE 12/2014

3M Company (NYSE: MMM) – FYE 12/2014

Packaging Corporation of America (NYSE: PKG) – FYE 12/2014

Silgan Holdings, Inc. (Nasdaq: SLGN) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Wynn Resorts ($48-$55), 3M Company ($72-$74), Packaging Corporation of America ($44-$51), and Silgan Holdings ($36-$39).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/22/2016
The Wax Ink Portfolio was up 2.1% for the week.

By comparison, the Dow was up 0.7%, the Nasdaq was up 2.3%, the S&P 500 was up 1.4%, the Russell 2000 was up 1.3%, and the Volatility Index, commonly known as the VIX, was down 17.3%.

Year to date, the Wax Ink portfolio is down 4.4%, the Dow is down 7.6%, the Nasdaq is down 8.3%, the S&P 500 is down 6.7%, the Russell 2000 is down 10.1%, and the VIX is higher by 22.7%.

The portfolio breakdown is 58% cash, 42% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $31.48, making the current value spread -14.91%.

Hydrocarbon Prices
WTI Crude ended the week at $32.19, up 9.4%, while Brent Crude ended the week at $32.18, up 11.2%, creating a crude price spread of ($0.01). On the other side of the floor Natural Gas ended the week at $2.14, up 1.9%, and RBOB Gasoline ended the week at $1.084, up 6.2%.

Year to date WTI Crude is down 13.1%, Brent Crude is down 13.7%, Natural Gas is down 8.5%, and RBOB Gasoline is down 14.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.39, down 2.8%, while the 10 Year Treasury ended the week at 1.96, down 3.0%. The 5 Year AAA Municipal Bond ended the week unchanged, and the 10 Year AAA Municipal Bond ended the week at 1.64, down 1.2%. Lastly, the 5 Year AAA Corporate closed the week at 1.69, up 1.2%, with the 10 Year AAA Corporate ending the week at 2.82, up 0.7%.

Year to date the 5 Year Treasury is down 20.1%, the 10 Year Treasury is down 12.9%, the 5 Year AAA Muni is down 18.5%, the 10 year AAA Muni is down 23.4%, the 5 Year AAA Corporate is down 11.1%, and the 10 Year AAA Corporate is down 3.4%.

Weekly Winners
This week’s portfolio winners were independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 11%, refiner Holley Frontier Corporation (NYSE: HFC), up 6%, and building materials company Griffon Corporation (NYSE: GFF), up 5%.

Weekly Losers
This week’s portfolio losers were municipal construction contractor Layne Christensen (Nasdaq: LAYN), down 11%, specialty chemical company WR Grace and Company (NYSE: GRA), down 6%, and really big company General Electric (NYSE: GE), down 1%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 70% since being added to the portfolio, and offshore supply boat company Tidewater, down 55% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 38% since being added to the portfolio, and building materials company Griffon Corporation down 10% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Enbridge, Inc. (NYSE: ENB) – FYE 12/2014

The Williams Companies, Inc. (NYSE: WMB) – FYE 12/2014

Peabody Energy Corporation (NYSE: BTU) – FYE 12/2014

Newell Rubbermaid, Inc. (NYSE: NWL) – FYE 12/2014

Tupperware Brands Corporation (NYSE: TUP) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Enbridge ($17-$18), FMC Technologies ($37-$44), Core Laboratories ($52-$65), Gibraltar Industries ($21-$27), Newell Rubbermaind ($27-$28), and Tupperware ($42-$43).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 01/15/2016
The Wax Ink Portfolio was down 2.7% for the week.

By comparison, the Dow was down 2.2%, the Nasdaq was down 3.3%, the S&P 500 was down 2.2%, the Russell 2000 was down 3.7%, and the Volatility Index, commonly known as the VIX, was unchanged.

Year to date, the Wax Ink portfolio is down 6.4%, the Dow is down 8.2%, the Nasdaq is down 10.4%, the S&P 500 is down 8.0%, the Russell 2000 is down 11.3%, and the VIX is higher by 48.4%.

The portfolio breakdown is 58% cash, 42% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $57.88, making the current value spread 56.43%.

Hydrocarbon Prices
WTI Crude ended the week at $29.42, down 11.3%, while Brent Crude ended the week at $28.94, down 13.7%, creating a crude price spread of ($0.48). On the other side of the floor Natural Gas ended the week at $2.10, down 15.0%, and RBOB Gasoline ended the week at $1.0212, down 9.5%.

Year to date WTI Crude is down 20.6%, Brent Crude is down 22.4%, Natural Gas is down 10.3%, and RBOB Gasoline is down 19.7%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.43, down 7.1%, while the 10 Year Treasury ended the week at 2.02, down 3.8%. The 5 Year AAA Municipal Bond ended the week at 1.01, up 2.0%, and the 10 Year AAA Municipal Bond ended the week at 1.66, down 2.4%. Lastly, the 5 Year AAA Corporate closed the week at 1.67, down 6.7%, with the 10 Year AAA Corporate ending the week at 2.80, up 0.4%.

Year to date the 5 Year Treasury is down 17.8%, the 10 Year Treasury is down 10.2%, the 5 Year AAA Muni is down 18.5%, the 10 year AAA Muni is down 22.4%, the 5 Year AAA Corporate is down 12.1%, and the 10 Year AAA Corporate is down 4.1%.

Weekly Winners
This week’s portfolio winners were municipal contractor Layne Christensen Company (Nasdaq: LAYN), up 9%, agricultural chemicals company Agrium, Inc. (NYSE: AGU), up 3%, and specialty chemical maker WR Grace and Company (NYSE: GRA), up 1%.

Weekly Losers
This week’s portfolio losers were independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 21%, refiner Holly Frontier Corporation (NYSE: HFC), down 9%, and offshore supply boat contractor Tidewater, Inc. (NYSE: TDW), down 7%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 67% since being added to the portfolio, and offshore supply boat company Tidewater, down 55% since being added to the portfolio, and independent oil and gas company Marathon Oil Corporation, down 44% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Oceanerring International, Inc. (NYSE: OII) – FYE 12/2014

FMC Technologies Corporation (NYSE: FTI) – FYE 12/2014

Core Laboratories NV (NYSE: CLB) – FYE 12/2014

Gibraltar Industries, Inc. (Nasdaq: ROCK) – FYE 12/2014

Baker Hughes, Inc. (NYSE: BHI) – FYE 12/2014

Pioneer Natural Resources Company (NYSE: PXD) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Oceaneering International ($48-$55), FMC Technologies ($37-$44), Core Laboratories ($52-$65), Gibraltar Industries ($21-$27), Baker Hughes ($61-$66), and Pioneer Natural Resources ($70-$72).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink


Performance – Week Ending 01/08/2016
The Wax Ink Portfolio was down 3.8% for the week.

By comparison, the Dow was down 6.2%, the Nasdaq was down 7.3%, the S&P 500 was down 6.0%, the Russell 2000 was down 8.1%, and the Volatility Index, commonly known as the VIX, was up 48.3%.

Year to date, the Wax Ink portfolio is down 3.8%, the Dow is down 6.2%, the Nasdaq is down 7.3%, the S&P 500 is down 6.0%, the Russell 2000 is down 8.10%, and the VIX is higher by 48.3%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $37.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $59.47, making the current value spread 60.73%.

Hydrocarbon Prices
WTI Crude ended the week at $33.16, down10.5%, while Brent Crude ended the week at $33.55, down 10.0%, creating a price spread of $0.39. On the other side of the floor Natural Gas ended the week at $2.47, up 5.6%, and RBOB Gasoline ended the week at $1.128, down 11.3%.

Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.54, down 11.5%, while the 10 Year Treasury ended the week at 2.10, down 6.7%. The 5 Year AAA Municipal Bond ended the week at 0.99, down 20.2%, and the 10 Year AAA Municipal Bond ended the week at 2.14, down 20.6%. Lastly, the 5 Year AAA Corporate closed the week at 1.79, down 5.8%, with the 10 Year AAA Corporate ending the week at 2.79, down 4.5%.

Weekly Winners
There were no portfolio winners this week.

Weekly Losers
This week’s portfolio losers were offshore oil rig contractor McDermott International, Inc. (NYSE: MDR), down 6%, independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 18%, and offshore supply boat contractor Tidewater, Inc. (NYSE: TDW), down 15%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 69% since being added to the portfolio, and offshore supply boat company Tidewater, down 52% since being added to the portfolio, and Marathon Oil Corporation, down 29% since being added to the portfolio.

Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.

Agrium, Inc. (NYSE: AGU) – FYE 01/2015

Sensient Technologies Corporation (NYSE: SXT) – FYE 12/2014

Continental Resources, Inc. (NYSE: CLR) – FYE 12/2014

Cameron International Corporation (NYSE: CAM) – FYE 12/2014

Helix Energy Solutions Group, Inc. (NYSE: HLX) – FYE 12/2014

Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for Agrium ($48-$50), Sensient Technologies ($36-$45), Continental Resources ($40-$50), Cameron International ($62-$68), and Helix Energy ($23-$28).

Have a great week.

Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – 2015
After the application of dividends and stocks splits, and after adjusting for stock purchases and sales, as well as allowing for reinvestment of captial (thank you to friends with access to very powerful software), something I only do at the end of the year, the Wax Ink Portfolio ended 2015 with a loss of 2.04%, compared to 2014 in which the portfolio lost 2.55%. Admittedly not exactly a glowing endorsement for yours truly as a portfolio manager but better I suppose than the proverbial poke in the eye with a sharp stick .

By comparison, the Dow closed the year down 2.2%, with the Nasdaq up 5.7%, the S&P 500 down 0.7%, the Russell 2000 down 5.7%, and the Volatility Index, commonly known as the VIX, was up 32.7%.

I do not anticipate many changes to the portfolio for 2016. As many of you have noted, I took positions in additional oil industry stocks during the later part of 2015, however, I do not expect those investments to yield much in the way of positive returns during 2016. Certainly there are events in the world that may alter that statement, such as the recent execution by Saudi Arabia of an Iranian cleric, or the election of Donald Trump as President of the United States. But I am not counting on such events to improve my portfolio returns. If things such as those do, then good for me.

All in all while there may be a some positive changes during 2016, I do not really see a vast improvement in the portfolio until 2017. But since my end date for the portfolio is not until 2023, I believe I have taken positions that should do well within that particular time frame.

One of the things I am planning to add to my weekly Performance Report, are the week ending prices for crude oil, natural gas, and gasoline. Since the markets were driven during 2015 in large part by the price of hydrocarbons, I thought it may be of value to some readers if I started to include this information in my reports,

I wish everyone a fruitful year in 2016, I expect it to be an interesting time for the entire investing community. Cheers!


Wax

Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
Copyright © 2016 Wax Ink

Performance – Week Ending 12/31/2015
The Wax Ink Portfolio was down 0.8%for the week.

By comparison, the Dow was down 0.7%, the Nasdaq was down 0.8%, the S&P 500 was down 0.8%, the Russell 2000 was down 1.6%, and the Volatility Index, commonly known as the VIX, was up 15.7%.

Year to date, the Wax Ink portfolio is down 18.7%, the Dow is down 2.2%, the Nasdaq is up 5.7%, the S&P 500 is down 0.7%, the Russell 2000 is down 5.7%, and the VIX is higher by 32.7%.

The portfolio breakdown remains 55% cash, 45% equities, and 0% bonds, with no change in the number of shares held.

The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $38.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $61.82, making the current value spread 62.68%.

Weekly Winners
This week’s portfolio winners were municipal construction contractor Layne Christensen Company (Nasdaq: LAYN), up 10%, really big company General Electric (NYSE: GE), up 1%, and specialty chemical company WR Grace and Company (NYSE: GRA), up 0.4%.

Weekly Losers
This week’s portfolio loser was independent oil and gas company Marathon Oil Corporation (NYSE: MRO), down 10%, offshore oil rig contractor McDermott International, Inc. (NYSE: MDR), down 6%, and oil refiner Holly Frontier Corporation (NYSE: HFC), down 4%.

Portfolio Duds
The portfolio’s worst performing stocks remain municipal construction company Layne Christensen down 67% since being added to the portfolio, and offshore supply boat company Tidewater, down 43% since being added to the portfolio, and Marathon Oil Corporation, down 13% since being added to the portfolio.

Fair Warning
I have added my Baseline Valuation Estimates for each stock in the portfolio. Remember that baseline valuations are just that, estimates of the intrinsic value of a stock, and as such they will change. I update mine on an annual basis in accordance with the financial data filed with the U.S. Securities and Exchange Commission.

Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

Worksheets updated last week may be downloaded by clicking on the links (company name) below.

REX American Resources Corporation (NYSE: REX) – FYE 01/2015

Titan Machinery, Inc. (Nasdaq: TITN) – FYE 01/2015

Tech Data Corporation (Nasdaq: TECD) – FYE 01/2015

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their

own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.

Reasonable value estimates were established or revised this week for REX American Resources at $94-$95, Titan Machinery at $25-$33, and Tech Data at $76-$81.

Have a great week.

Wax

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