I have now only a few meaningful and unencumbered positions (9984, SNE, MSFT/VSIO, CHL, INTC, RTRSY, CMCSK, HSBC, MBK, a ML i-net fund that plays the IPOs and has large position in 9984 - and these constitute my 'investments' as opposed to 'speculation'), one encumbered but meaningful position in AMGN, one still meaningful speculation (Founder) and a bunch of meaningless subscriptions to annual reports (YHOO, SFE, AOL, EMC, CSCO, LU ...), plus a middling hedge in NEM longs and puts. Of the above, 9984 accounts for 45-50% of total value, depending on what time of day it is in Tokyo. Yup, I believe.
I feel like a person who had overendulged in sex; I have, as they say, shot my bullets, and now only got the thermonuclear bombs, which are not particularly or typically useful in trading battles.
My 'gamble' is my current high allocation to that burdensome and low yielding asset category called cash and near-cash.
What scares me is that I am actually considering going short, not as in buying put, but in selling naked calls and selling shares I do not own. Never did before, always a first time. |
