In my book, everyday is Father’s Day so when the Hallmark-Card conceived day actually rolls around I don’t get particularly excited.  That said, I must say I will be doing something very special with one of my daughters this coming Sunday, and I could not be more excited.

Julia, my oldest, and I are going fishing.  Having recently turned five, she is old enough now to be able to cast her own line.

Last year, I introduced her to the sport and for the most part doing the activity was more about exploring and enjoying time with Dad. It will still be about spending time with Dad, but this year she has her own equipment and recently I taught her how to cast her own line.  She’s a natural!

In thinking about fishing, I am struck by the similarities to investing.  For the anglers, we throw out the line, sometimes multiple lines, and wait for a nibble, a bite and then setting the hook.

For the fly fishers, it’s more about setting the trap and waiting for the strike. It is not too dissimilar to long-term investing with a diversified portfolio and shorter term trading.  Both styles can result in a catch that can be quite profitable.

What’s important is the implementation.  For an investor that means identifying a stock that can be exploited for either long or short-term gains.

Case in point is CSX Corp. (CSX)

In mid-March I wrote an article here profiling this high-octane rail company (see “Ride the Rails to Safety.”).  At the time, I had suggested that CSX was an incredible opportunity in that shares traded for a low multiple of earnings and yet earnings growth exceeded that multiple.

There it was staring at us in the face like a trout eyeing that fly.  All we had to do was wait for the strike.

Would it come?  Yep.  The trout bit… and bit hard.

CSX is up more than 32% since the time of that article. Whether in a diversified portfolio or a trading account, those who bought CSX are enjoying a great run.

Will it continue? You bet it will.  Though no longer a buy recommendation, CSX should be held for the long term. Concerns about the economy will not change the dynamics for rail transportation.  The company guided for double-digit growth earlier in the year and I see nothing in the landscape to change that guidance.

If anything, the guidance may be a bit conservative.  I see CSX as being a $100 stock over the next year or so.  Should that transpire, investors in CSX will have received a phenomenal return. Coming at a time of increasing uncertainty, volatility and diminishing returns I would say CSX is a potential trophy fish.

I hope I can lure one of those trophies into my boat on Sunday.  We’ll be angling so I know that I will have to have patience.  Most important is the time I get to spend with my daughter.

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