We made the decision to sell out of our position in Alcoa Inc. Based on the fact that Alcoa missed 3Q11 earnings and the sentiment around the market for aluminum is depressed, we found that the thesis behind our purchase of Alcoa no longer held true. Alcoa now seems to be a 2-3 year long-term hold situation with very short term volatility, and we felt that is was not in our best interest to maintain our holding.
-Jeremy Pellizzari
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