Mark to Market
I believe in 100% transparency, so for better or worse this is how I am currently placed with my hard-earned pension pot. The biggest challenge for a retail investor isn't only to pick the right securities to be long or short, but also to avoid messing around too much, which results in fees/costs eating up your capital. Someone once told me that patience is the greatest source of investment "alpha." This is obviously a terrible cliche, but also kind of true I think. I try hard to live by that mantra, but it isn't always easy. On occasion, I will be discussing the portfolio on the main blog. Any massive bloopers are my fault alone, and can't be blamed by a junior with a fat finger or an algo.
As for performance. 2016 ended with a solid 12.8%, which was much welcome after a poor 2015. Performance tailed off in Q4, but I am hoping to keep up the momentum. As always, use my ideas liberally, but make you own decisions too, at least once in a while. If you want to debate markets you know where to find me.
Best five closed trades in past 12 months
- U.S. natural gas via LNGA US equity.
- Gold miners via AUCO ln equity; I still own a small portion.
- F5 Networks; looking to buy it back in Q1.
- Soft commodities via AGAP ln equity. I am still long.
- Sabadell; will buy back.
Worst five closed trades in past 12 months
- Short FTSE; weak GBP, FTSE up. Will that ever end?
- Aberdeen Asset Management; EM weakness and low-cost competitors too high a bar for them.
- Short Home Depot; very sticky and not going anywhere. Cost of borrowing too high.
- Japan equities via IJPH; I was more lucky second time around.
- Restaurant Group; poor location on trade and generally just bleeding out.