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Roth IRA Watchlist Clean-Up
I maintain a Watchlist tab in my portfolio spreadsheet that uses the same methodology as my live portfolio Scorecard to track and rank potential new positions. Since I have built my spreadsheet to be fairly user friendly that requires minimal effort to maintain, I was adding a ton of companies to my Watchlist. My Watchlists had gotten so over-bearing that I did a little clean-up last weekend.
Here are the criteria I used to remove companies:
- Keep all companies in my target (unrepresented) sectors (Utilities, Consumer Discretionary, Defense and Healthcare)
- Delete all companies that had a "Low" conviction rating
- Delete all companies with a rank lower than my live portfolio's weighted average (2.9)
I started with 106 tickers in my watchlist and removed 43. Now down to 63. Still a large number, but each of these currently have the potential to improve my overall portfolio. The Breakdown:
- Removed 21 "Low" conviction tickers
- Removed 22 tickers below my Portfolio Weighted Average
- Kept 8 tickers that were either Low Conviction or below my Weighted Average but were in one of my target sectors (Utilities, Consumer Discretionary, Defense and Healthcare)
I will be doing my first Commonstock Watchlist update for 2023 in February to start my refined Watchlist of front-runners for next year's Birthday Buys.
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