Exit time again

Short post today. This week's economic news has put many people at pause. It's time to close some positions and wait this out. I took a bit off my S&P 500 ETF position (SPY) this week as the index has risen without much of a breather since early March.

I also exited Southern Copper (PCU) for a 74% total gain. Although the CEO recently said copper could hit $4/lb, I'm not going to be greedy. The company is well run, but it's time to start looking for other investment opportunities.

Last but not least, I sold off my entire Research in Motion position based on a few reasons. First off, I underestimated the iPhone. If there is a will to get corporate email, there is a way to get corporate email, as evidenced by IT departments opening up the iPhone to corporate email. Secondly, I have started to dive into the development framework for Google's Android and it dawned on me the relatively low distribution cost and power Google will be equipping their mobile development community. Distribution will be across multiple handsets, and you don't have to jump through hoops to get your apps approved as Apple requires. Lastly, I wasn't impressed with the comments made by Jim Basillie in the Globe and Mail, "We changed the world today in a way where nobody ever, ever, ever has even possibly declared that sense of possibility – and you frame it as catch-up? I’m shocked". He is drinking the kool-aid of past successes and seems to be navigating his company that is reminicent of someone that is desperate. I remember a comment several years ago when Ed Zander, the CEO of Motorola at the time, was asked what the company's next follow up success would be after the Razr. His response was to build more Razr's. I can't help but see a similar level of ignorance... or should I say arrogance? Sure Research in Motion will continue to have a lion's share of the enterprise email market. But if there is a will, there is a way... and Google's Android platform looks to pose a serious threat. Time to cut my losses short.