Stock Meeting

Stock Meeting
10-7-2010

ACTION:
-Novozyme on Buy list
-YAR Wally will review for stock committee

Ag names
Yara, YAR
-16B market cap
-1/3 US SALES, S Am exposure, 7-10% sales in Africa, almost 50% to Europe
-currency kicker, Kroner

Gold
-could see a pullback to 1250, 1260
-overbought right now

Fed does nothing: gold drops, market will drop, silver will drop. There is an expectation for action, that is priced in. How much and howling is not priced in.

Novozymes: add to the buy list, rank 2, BT$630 kroner (dkk)
- could break to 630-640
-expensive company, but it is high quality
-enzymes manufacture for detergents, etc.
-2012 next generation of their celulosic enzyme hits the market

Buy and Watch list: columns will be the same on both, updates will go out with the next report

Portfolio management:
-be watchful and ready to react if the market pauses, pulls back
-we have already done some good positioning
-post election cycle has historically been very good
-watch beggar they neighbor attitude