We’ll have your regular Friday File coming tomorrow, but we’re going to split it up this week — today I’ve got a new Lock Box position to highlight for my favorite people. It’s been a while, I haven’t added a position to the $100K Lock Box Portfolio since January, and haven’t written about it a lot since I finished my “halftime report” analysis back in December.

That $100K Lock Box Portfolio, to quickly summarize, is a portfolio designed to take emotions and overreaction out of the game — choose 20 small cap stocks that meet my criteria, and hold on to them for five years, without fretting over each quarter or each headline. Check out thatSpecial Halftime Report from December if you’d like more background on the strategy or the philosophy here.

In case you’re wondering, the $100K Lock Box Portfolio is currently in the red (last I checked, it’s now about a $91K portfolio) — which I guess should be no surprise for a small cap growth portfolio that has so far mostly been filled out at 2021 prices (the Lock Box was launched almost exactly a year ago, and the holdings were added fairly gradually through the past twelve months). The performance that I care about is the total return over five years, so no reason for concern, and I still like the long-term potential of these companies… though it is calming to not watch them every day, particularly since many of them came down sharply during the growth stock implosion of the past five or six months. Today, I’ll finally take advantage of a pretty irresistible price to add another position.

And actually, though so many smallish growth stocks (cloud companies, EV stocks, etc.) have fallen sharply since October, this is not a high profile pandemic stock that has fallen on hard times (though we’ve got a couple of those in the portfolio, too) — it’s a very old and small conglomerate that just finished its first full year of restructuring under new management and is setting itself up for sustainable growth. The company is so small, in fact, that we’re going to break one of my Lock Box rules in adding this new holding.

Today I added InTEST (INTT) as the twelfth holding of the $100K Lock Box Portfolio. It fits our criteria in every other way but one: It is too small, ...