I have decided to retire and stop publishing CSI at the end of February 2024. I am no longer accepting new subscriptions.

The markets soared again in December. I finally did too, as small caps finally rebounded. I was up 18.9% and ended up 21.7% for the year. NASDAQ was up 7.5% and ended up 43.4%, the Russell 2000 was up 12.4% and ended up 15.1% and the NYSE was up 5.0% and ended the year up 11.0%.

I sold a third of one position to get some tax losses in December.

The market says the economy is great, inflation is under control, our $34 trillion national debt is not a problem, we will not get sucked into the Ukraine war or the Middle East war, there is no housing bubble, the low unemployment level is just fine and on and on. I ended up wrong about the market this year. Well at least wrong about the last seven weeks of the year. Valuations are still sky high despite much higher interest rates. Money losing companies with no profits in sight and company’s whose growth rates have slowed to a crawl are still trading at astronomical multiples of revenues. The market ALWAYS adjusts, it is just a matter of when. I remain cautious for 2024 and am still looking to reduce my exposure to stocks.

NASDAQ was up 43.4% in 2023, but the NASDAQ 100 was up 52.8% meaning that the broad NASDAQ market was down for the year. Of the NASDAQ 100, most of that gain was in about 7 stocks.

I have not changed my valuation formula as it worked before the 2008 housing bust, after it, and before the 2020 bubble and after it. When the high-flying stocks go down, everything does, whether it makes sense or not. Many times, this is the time to buy, but, not yet of course.

In late 2015 I started offering a paid subscription service which is similar to the Free Blog (2006 to 2015), but I tell you exactly what stocks I bought and why—and sold every day, with a weekly summary of activity, open positions, how many shares I own and their valuations. 91.1% of my closed positions have been profitable.

Through December 2023, I have averaged a 41.6% gain on the 79 stocks I have sold (72 winners and 7 losers) in my private portfolio since January 1, 2016. Eighteen of the 79 stocks have had buy-out offers, including two in 2016, six in 2017, two in 2018, none in 2019, two in 2020, four in 2021 and one in 2022. I have one stock subject to a “take-under” offer in 2023, but the offer was withdrawn and one other stock that has put themselves up for sale.

My seven-figure total portfolio was up 21.7% in 2023, down 15.3% in 2022, up 42.7% in 2021, up 30.6% in 2020 and up 72.8% in 2019. I took most of these gains and banked them in cash (now in CD’s).

I stopped publishing my free weekly CSI Blog after 10 years of publishing at the end of 2015. Since inception of the Blog in 2006, I had 73 winners, 20 losers for a 78.5% win rate with an average gain of 38.9% on the free blog.

Here is the list of private subscription stocks I have bought and closed out my position on since December 2015.

2023 ZEDGE 3% gain

2023 ANGI 1% gain

2023 TORO 3% gain

2023 PBI, 18% gain

2023 TORO, 56% gain

2023 ZIMV, 14% gain

2023 QUAD, 64% gain

2023 SRGA 99% loss (biggest $ loss ever)

2023 16% of a Medtech for a 13% gain

2023 ANGI, 51% gain

2023 ARC, 83% gain (including dividends)

2023 OPERA, 104% gain

2022 Sold 12% of Medical device company for a 251% gain

2022 Evofem, 99% loss (spin-off from PDLI)

2022 Symbolic Logic (was Evolving Systems), 3% loss

2022 Hewlett Packard Enterprise, 90% gain

2022 Xerox, 3% gain

2022 Pitney Bowes, 83% gain

2022 Universal Insurance, .02% gain

2022 Western Union, 3% gain

2022 Sonic Foundry, 1% gain

2022 BioDelivery Sciences, 54% gain-Buy-Out offer

2022 Lee Enterprises, 41% gain-Buy-Out offer (yes again)

2021 Lee Enterprises, 115% gain

2021 Leaf Group, 84% gain-Buy-Out

2021 Evolving Systems, 222% gain

2021 DHI Group, 49% gain

2021 Avid Technology, 143% gain

2021 Synacor, 10% loss-Buy-Out

2021 Extreme Networks, 52% gain

2021 Synchronoss, 77% gain

2021 Accuray, 62% gain

2021 Alphatec, 96% gain

2020 ZAGG 43% loss-Buy-Out

2020 Alaska Comm. 46% gain-Buy-Out (again)

2020 MIX Telegraphics, 27% gain

2020 QUAD Graphics, 3% gain

2020 VOXX, 1% gain

2020 Alaska Comm. 46% gain

2020 Cutera, 31% gain

2020 Aviat Networks, sold remaining 1/3 for a 7% gain (overall 15% gain)

2020 DHI .4% gain

2020 QUAD Graphics 54% gain

2020 Medical equipment company-sold 33% for a 61% gain

2019 EXFO, 1% gain

2019 PERI, 77% gain

2019 Quantum Corp, sold for 48% gain

2019 EXTR, 15% gain

2019 DHI Corp, 46% gain

2019 Medical device company, (sold 80%), 69% gain

2019 Lantronix, 41% gain

2019 PDLI, 15% gain

2018 The Rubicon Project 1% gain

2018 Otelco 116% gain.

2018 Global Ship Lease 4% gain, Buy-Out

2018 Telecom Services (57% sold) 3% gain

2018 Lantronix, 52% gain

2018 Ceragon Networks, 82% gain

2018 Aviat Newtowrks. (1/3 sold) 17% gain

2018 Pitney Bowes 31% gain

2018 Calix 1% gain

2018 Xerox 34% gain, Buy-Out

2018 RMG Networks-1% gain

2017 Telecommunications Co., 59% gain (partial sale)

2017 magicJack 17% gain, Buy-Out

2017 eGain 56% gain

2017 YUME 90% gain, Buy-Out

2017 MaxPoint Interactive 60% gain

2017 Shortel 24% gain, Buy-Out

2017 Tremor Video 25% gain

2017 MRV Communications 6% loss, Buy-Out

2017 Ceragon Networks 55% gain

2017 Angie’s List 60% gain, Buy-Out

2017 Lantronix 135% gain

2017 Syneron Medical 46% gain, Buy-Out

2017 RocketFuel 140% gain

2017 Conduent .1% gain

2017 Harmonic 74% gain

2016 Ceragon Networks 48% gain

2016 Alphatec 71% gain

2016 Universal Insurance 36% gain

2016 Mitel Networks 15% gain

2016 Avid Technology 50% gain

2016 Silicon Graphics 70% gain, Buy-Out

2016 Imatron 30% gain

2016 Harmonic 80% gain

2016 United Online 5% loss, Buy-Out