Biggest Winners- Cash and Energy

Biggest Winners in 2008:
ARLP – Coal is king with an 18% appreciation. A relatively large position, kept the portfolio on track.

HAL – Oil Services – paid off with a 19% positive move;

Cash – Dividends and Interest consisted of almost 40% of my semi-annual earnings.

Do not forget dividends and income. In a down market, they can provide a nice cushion during tough times. For the first 6 months of 2008, dividends and interest received has kept my losses to reasonable levels. Furthermore, they provide a source of cash for opportunistic purchases as discounted prices.