Just noticed that I made a trade in my account and forgot to let you know … mostly because I didn’t notice that the trade happened (it was a small limit order I had in, and it triggered while I was traveling last week).

So … big news? Not really, but I bought a few more shares of Ligand Pharmaceuticals (LGND) when it dipped to the low $60s, my buy triggered at about $62. Average cost in my portfolio is now about $47, and it’s now my fifth largest individual equity position (behind only Altius, Apple, Berkshire Hathaway, and Markel). It’s by far my biggest holding in a stock that I consider to be richly valued, and it is risky, but things are lining up very well for LGND and their ability to grow their revenues using other peoples’ money and, despite the fact that I forgot that order was sitting in my account, I’m happy to own a bit more now.

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