Quick recommendation update

As summer is approaching, it is timely to revisit some previous recommendations.

I just sold my Telecom Argentina shares for a 79% profit.  I continue to like the company’s management and its business, but the political and macroeconomic environment in which it operates (Argentina) is getting increasingly difficult.  Maybe it is the darkness before dawn, but given the gain which was to be realized and the uncertainty ahead, booking a good profit seemed appropriate.

Standard and Chartered plc, the UK international bank, has essentially been flat since our post of last August.  I maintain my negative stance: the business model, in my view, continues to be riskier than generally assessed and I am not comfortable with the bank’s corporate governance.  I am not short, I am just on the sidelines.

Finally, Apple made some important announcements, although more evolutionary than revolutionary, at its annual developers conference.  We are still awaiting the unveiling of truly eye popping devices or services.  My previous price target of $600 pending the release of new products looks a bit too high; $500-$550 is probably more appropriate.  Nevertheless, I continue to hold the stock as it looks reasonably priced at current levels and increased dividends and share buybacks are positive.