Brook Reef

Buying TLT @ $146.55 10% position Going big on this one - it's time to get long Treasuries ahead of the obvious rate hike that will be here sooner vs. later.

Selling PNW @ $69.89 Realized gain of $1.43 (2.09%) Continuing to take a few chips off where it makes sense. APS, PNW's largest operating subsidiary, is having a really rough re-hearing of their recently awarded rate case. The rate case outcome is the reason I was able to buy the stock so cheap - and the more I learn about it, the more landmines there are hiding in plain sight. Out for a gain is great!

Covering TSLA short @ $1,064.00 Realized gain of $37.56 (3.41%) Covering this winning trade - I expect it to go quite a bit lower - but am being risk-averse into year-end AND as we learn more about Omicron and get another silly rally.

Selling 4/5 of KRBN @ $50.06 Realized gain of $3.02 (6.42%) Taking some chips off the table again on the 2nd edition of this great trade. I made a bit more last time around - but can't complain about making 6% in a few weeks!

Shorting TSLA @ $1,101.56 5% position TSLA is crazy expensive and looks like it's at the top of a channel. If it goes over about $1,150, then it could turn bullish - but I'll take the bet that the next move is down. $1,150 is risking 4.4% on the trade. I'm sizing it at 5% because it's a macro call that the market needs to turn lower - and TSLA is a high beta way to get short. 

Buying KRBN @ $47.04 5% position Last round-trip on KRBN was from $45-51 - so buying somewhere in the middle of that range is a reasonable move. KRBN is down 9%+ today...but is set-up to move up through the winter as (and if) we have a cold spike and see emissions trend up.  I love this as a long-term play and think the timing - both down 9% on the day and with the potential for a cold-snap - as a good time to buy. As an ETF, I can buy another slug or two per my rules of using 5% trade sizes and 3 trades on ETFs. I broke those rules last time and am kicking myself!

Selling PNM @ $45.69 Realized gain of $1.76 (4.01%) After crushing the merger with AGR (and creating a buying opportunity for me), the New Mexico Public Service Commission denied a request to abandon & securitize the remaining balance at the Four Corners Coal Plant. This idea of retiring early, securitizing, and using the proceeds to build renewables is the key thesis behind this stock - outside of the potential for a new suitor or higher bid.  Thus, I'll take 1/2 of the target profit and move on. Regulators change slowly and this renewables thesis is important to the stock's future.

Shorting DUK @ $103.16 6% position I've been hunting and looking for a good way to reduce my exposure, especially to utilities. Shorting DUK is one of my favorite ways to play this idea. Duke is a slow growing, boring utility with a ton of issues facing it - and their latest rate proceeding is going to be highly contested and controversial. Probably not a good time to expect new upside.  I'm pushing this position to max right away because:  1) I want to reduce my exposure meaningfully without selling 2) The contentious rate proceeding will yield a rough outcome for shareholders 3) DUK doesn't have many upside levers and isn't a takeover candidate. Stay tuned as I keep hunting for good investment ideas.

Buying KMI @ $16.03 2% position It's no secret that I'm a green/climate-focused investor. I love investing in companies that are helping the energy transition and building renewable power. But we'll still need some amount of oil & gas for the components of our electrified products, and what better way to invest in the commodity complex than by purchasing the toll road owner. That's what Kinder Morgan does - owns the toll roads (pipelines) that transport our commodities.  KMI pays a 6.7% dividend and has sold off in the last few months. Not a bad time to be a buyer.

Buying PNM @ $43.93 2% position If you recall, about a year ago Avangrid (AGR) announced that it was buying Pinnacle West (PNM). I liked the deal for Avangrid - it expanded their footprint to build renewable power. PNM serves New Mexico and has nearly unlimited potential to build & own solar farms. However, yesterday the regulators in New Mexico voted 5-0 against the merger. PNM stock is down today and I'll take it as a chance to buy. I'm likely early - but we'll see.  If a re-worked deal can be done, either with AGR or another buyer, PNM will go up. If a new deal doesn't come up, I like the PNM story of building renewable power and becoming an energy exporter. I'll happily buy more down another 5-10% from here.

Selling 1/2 of DOCU @ $153.57 Realized gain of $12.03 (8.50%) I bought DOCU down on earnings and will take the rally as a chance to dump 1/2 of the position for a decent quick gain. I'll hold a 1% "make-or-break" position for a while to sell higher or buy back at about my cost basis.

Selling KRBN @ $51.21 Realized gain of $6.00 (13.27%) Though I'm still a carbon credit/cost bull, I also like locking in quick gains. I don't know enough about the actual market forces that drive short-term prices in this market, so I'll take my fast money and run. I will look to get back in somewhere below here as the need to reduce carbon emissions is crucial to our survival. However, renewable power w/ battery storage is cost-competitive with most new-build fossil power sources - so perhaps a carbon price isn't important? This thought is why I'm not married to the position.

Buying DOCU @ $141.54 2% position DOCU - Docusign - is the primary digital document signing service used for getting legal work done remotely. It definitely benefitted from the pandemic and people doing business from home - but is now used as the primary means of signing stuff. I used it to sell my house in January, buy my new house in October, and even to sign up for pest control and pool service. It saves trips to places and time is money. Shares are getting hammered today on earnings. I'll take this opportunity to buy at a new 52-week low.