LEMLEY LETTER

We continue to trade our retail favorites: The Gap, Nordstrom, Macy's and Under Armour as well as Key Bank, HAIN and Ford while also maintaining an oversized cash holding yielding 5% with our investment in USFR (Wisdom Tree 7 Day Treasury ETF.)... Lemley Letter provides stock market analysis of interest to traders and value investors. Risk adverse investment philosophy focusing on the preservation of capital.