Precision Castparts Corporation reported earnings on October 24th, missing by $.08 and being in-line with revenue. Precision has not lived up to the valuation we have given it, and has fallen below our stop-loss. The vertical integration the PCP is putting into place, along with the acquisition of TIMET, failed to live up to expectations. While aerospace has been a great segment for growth and a main driver of PCP, our investment thesis is not being held true and is no longer applicable. Where Precision was once a leader in the industry, they are now a middling company in a market that is becoming saturated with Boeing 787s. Precision is no longer lucrative at its current price, and its recent earnings report supports that assumption.