Trades I have undertaken in the last week

So many interesting events occurring at the moment...but more on those later in the weekend as typically I use this regular weekly posting to talk about earnings as well as trades.

It surprised me to learn via the regular Thomson Reuters earnings disclosures (see here, for example) that FY2015 earnings were being mildly upgraded in both Europe...

 ...and the US:

Even though the European indices are clearly facing easier comparisons than their US counterparts it is interesting (surprising?) that FY15 earnings growth is still anticipated to be higher - certainly that does not fit the current economic momentum perception.

Of course we all know that earnings are typically downgraded as a year progresses even in Asia as shown here:

(h/t @Andrew_Stotz)

2015 still seems to me as if it will be a stock specific market where you need to keep on thinking about your beta exposure i.e. there will be volatility.

Trading was relatively light during the last week as noted below.  It was a pleasing week for performance however.

Stocks bought or added to, shorts covered in full or part - 

Oriflame - following a 'Russian opportunities' review.  Link here.


Stocks sold in full or partly, shorts initiated or added to - 

Campbell Soup - short position initiated following a review.  Link here.