Sold JNJ for WBL

We sold our holdings in Johnson & Johnson (50 shares at $63.40) and purchased another lot of WBL (at $5.05), given our strong conviction on the latter. JNJ probably offers an excellent play on three areas of the healthcare sector - Pharmaceuticals, medical devices and consumer care, but the stock is more fairly valued (at a mid-teen PE and is unlikely to double anytime soon!). Also, the healthy dividend paid each quarter is not extremely attractive to us, especially after being net of tax (30%) and administration fees. We continue to retain some exposure to JNJ via our holding in Buffett's Berkshire Hathaway.