On the centrespread of each issue of Contra, we list every stock that is in one of our two portfolios. Those in the President’s Portfolio indicate the year acquired, the purchase price and our target price for the initial sell. These stocks are divided into two categories: Buys and Holds. Buys are stocks we are still willing to purchase today. Holds are those with which we are sitting tight and hoping they will appreciate in value. Stocks in the Vice-President’s Portfolio are evaluated in a different fashion. For these, you’ll find a Buy Limit and a Target Range. If a stock is trading below the Buy Limit, it is judged to be a good value; above that price, it is considered a fair value. Once a position enters the Target Range, it is carefully reviewed with an eye towards making an exit.