Hello Pezz, Today’s Report: I am still running scared, as before, and am gradually edging towards the emergency exit.
I sold my WMC Resources in Australia at AUD 4.88, securing a gain of 6.55% plus any currency gains if translated back to USD over the past 50 days Message 19270636
<<September 3rd, 2003 … purchased two dollops of WMC Resources uk.finance.yahoo.com at AUD 4.58>>
The currency gains were sweet up to now, simultaneously enabling a high cash allocation and high NAV gain.
I note with satisfaction that, having beat Buffett to the China Petro gamble, I also got ahead of the line before him on the currency wager:
story.news.yahoo.com
“Berkshire Has Major Intl Currency Investment”
Otherwise today is not a good day. It was in fact an oppressive day.
I am not happy about this uk.finance.yahoo.com today, but I suppose I must suffer, so as to better appreciate the good times past and future. I am prepared to stand in the way of the on-rushing locomotive and catch the falling knife at AUD 0.40/shr (that would be an ‘Ouch!’ as in ‘Horrific!’, because there is no such thing as ‘house money’), but I am not prepared to sell any of my shares at today’s price of AUD 0.68, because it is too cheap :0/
On a separate matter, I understand from Energyplay, KastelCo and others on SI that the more gaseous positions in my portfolio may be blown up by the likes Lehman and T.Boone Pickens, and the more dense wagers may be squished by the Goldman ilk.
What is a traveler through financial-scape to do when faced with impending doom ?!
I feel somewhat trapped in my positions, where many currency gains are offsetting some equity losses, for now.
I am fearful of my so far imagined, sharp, all-markets decline. Worse, I am concerned that in the next round of equity dunking, the losses may not be compensated for in my portfolio by currency gains of sufficient magnitude.
Unlike ACF Mike, I do not fool myself into thinking I know where the market is going. If I knew the market will rise, I would go 100% long, and if the market will fall, 100% short. I always, without exception, think in terms of either this or that, but possibly later unless right now.
I want to be able to remain mentally acute and emotionally balanced in the event of horrific and simultaneous all-markets crimson-mist permeated dunking; the sort that infuses absolute panic and inspires total dread. This state of contrast between internal balance and external chaos is possible if my losses are much, much smaller than market losses. How to achieve this state?
I need to make a major breakthrough on some new front, any new front, so as to save my current positions, set up new positions, and then requiring more breakthroughs ;0)
So, once again, what are the natural exchanges, obvious trades, apparent wagers, and sure bets?
Chugs, Jay |
