[U] After Increasing Its Stake During 2015, Wellington Has Lightened Its Merck Position During 2016... But Not To worry.

Okay -- it makes good sense to my disciplined investing eye that Wellington (a vast group of affiliated institutional holders) might have taken some gains off the table in 2016, as to its now decade old investment in Merck (and previously, in legacy Schering-Plough).

So again, I wouldn't read too much of anything into this latest dip. Here is the full SEC filing, on Schedule 13G, from this morning:

. . . .AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

124,191,831 Shares (4.5%). . .

[Separately, and in an entirely unremarkable fashion, board of director member Russo yesterday exercised and sold about $147,000 worth (pre-tax) of long-vested options.] Now you know. Awaiting either more gray smoke, or white smoke -- from the chimney of the Ninth Circuit, now. . . smile.

UPDATED -- 02.09.17 @ 6 PM EST: Hah! White smoke it is!

As I said it would, the Ninth Circuit has ruled against Mr. Trump's appeal. By its terms, the Unanimous Opinion sends the case back to Seattle, where a briefing schedule started tonight, on a preliminary injunction. That preliminary injunction would extend the TRO, and be entered in favor of the "banned people" in Mr. trump's executive order. I suppose Mr. Trump could (right now, or promptly) file a writ of mandamus to the US Supreme Court, but that would be (another) fools' errand, in my view.

So it is onward, to the trial court level proceedings on a preliminary injunction -- per the [prior post's] schedule. Told 'ya.

Quoting the Ninth Circuit now: ". . .Whatever role the United States Constitution envisions for the Executive in its exchanges with other nations or with enemy organizations in times of conflict, it most assuredly envisions a role for all three branches when individual liberties are at stake. . . ." Hamdi v. Rumsfeld, 542 U.S. 507, 536 (2004)

नमस्ते