Still selling thing here and there. I am not convinced that the market will rebound swiftly from this.
Sold a bit of WCW – asset managers are generally down, Exited Titon – I think this may be the beginning of the end of the property bubble which will hurt them eventually…
Lots of things looked quite expensive before the vote so there is lots of scope for it to fall. We are not near capitulation, equally we are not near a political resolution – so I think we are going to keep falling.
Now many would say I shouldn’t sell out – that I should let the long run take its course and wait it out. This is not the approach I intend to take. I don’t have a huge amount of capital – in situations like this I have a bit of an advantage as I can get out of positions nimbly and ideally get out and back in again where I see a chance.