Top Holdings

CSCO -just went through re-alignment, with aggressive cost cutting, CSCO  position itself very aggressively in the industry in a global market dominated by two main players, CSCO and Huawei. They will have better pricing ability. Current P/E of 12 is still low enough. Long-term Trend also turning bullish.

WFC – not by choice, mostly profits from early 2009, purchased around $10. Have reduced significantly but still number two in position.

CEO – Like WFC large position from 2009. CEO still have strong competitive advantage as a Quasi-State owned oil E&P company with exclusive drill rights in China seas and other offshore areas. Hard to beat that moat. Do you think China will stop consuming Oil any time soon?

BAC – Same boat as CEO. However, I believe its much more undervalued. WFC shouldn’t worth twice as much as BAC.

BRK.B – safest bet at around cost basis of $70. Buffett already outright guaranteed the bottomline of stock at 110% of book value.

UPS – Logistic improve with recovery. I don’t when the recovery will occur, but it will come, soon or later.

Other holding: NASDAQ:ILMN  NYSE:WU  NYSE:UNP  NYSE:NSC  NYSE:MT  NYSE:EDU  NASDAQ:BIDU  NYSE:GS  NYSE:CAT  NASDAQ:GOOG  NASDAQ:AMZN  NASDAQ:PRGO  NYSE:V  NYSE:ED  NASDAQ:NVEC