Nice site. Lots of good information. I have some comments that are critical, however. I don't think you've got the right approach to your stock purchases. It looks like you're buying high dividend stocks - RJR, FBR, bonds, etc. That doesn't seem to me like the best way to build capital. Second criticism is the heavy concentration in OCA. Yes, it is cheap. But it is also highly risky. The first stock I ever bot was Phymatrix, another practice management stock. I doubled down and lost about $10,000 altogether. The lesson I learned was that PE is not a sufficient reason to buy a stock and that concentration in one stock is a bad idea, especially a heavily shorted stock like OCA. One problem is that you can't think clearly. I have a small position in OCA, but that's because it is high risk/reward. I will sell if it goes below $7.

My suggestion is to take a look at high cash-flow businesses like JNS and CD and asset plays like L and LTR. These are safer and offer better potential. My other suggestion is to subscribe to a stock recommendation service. Arne Alsin at Realmoney is a good stockpicker. The last report at his fund also indicated a stake in OCA, but again, it is too risky to own a 40% stake.

Good comment. Thank you!

Actually 40% is the percentage of OCA in my actively managed portfolio. It's less than 10% of my total net worth (I'm not fully invested right now, plus 401(k), other cash positions, etc.) so I still deem the risk is reasonable.

On your other comment regarding stock pick, actually I think myself as a value investor. I'm buying RJR at $33 not because of the dividend, but because of the value.

Anyway I took your points. Actually I'm reading some scholastic books about portfolio management now and am drafting a post regarding my diversification goals for 2004.