After looking at Bristol-Myers Squibb (NYSE: BMY) and liking the stock, I've decided to put my money where my mouth is, so to speak. I opened a small position for an account I manage on behalf of a family member. As I've said on Seeking Alpha and elsewhere, I consider Bristol-Myers a quintessential example of 'Growth at a Reasonable Price.'
In addition, I've sold all my shares of Pacific Coast Oil Trust (NYSE: ROYT). I just don't see the oil price regimen going anywhere right now, and that spells bad news for a trust that has a fairly high cost of production and needs to distribute in order to not be dissolved. ROYT ran another deficit last month, and time is beginning to run out. Even if ROYT does survive, there are only so many years worth of waterflood reserves in the ground.
I switched it out for Permian Basin Royalty Trust (NYSE: PBT), and did so because Permian Basin Trust can at least distribute some cash to shareholders at these prices. PBT has a much lower cost of production, with a much longer reserve life using existing, waterflood technologies.