Review of 2014

End of year means time to review how I did.

Overall up c22%, given that the FTSE is slightly down for 2014 that isnt a bad result. As quite a few of my holdings are small cap AIM is down quite significantly about 20% so this makes performance even more positive. This was done with minimal leverage.

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Partnership Assurance – Post Pensions Plunge Position!

Opened small position in Partnership Assurance at 143 this morning (Current Price c 135).  Will look to pick a few more up at c122 if we get down there again today. (Should have used yesterday’s low as level rather than close – ahh well…)

Yesterday the budget announced the removal of the requirement to buy an annuity for those with defined contribution pensions.  As annuities are horrible value and make up practically all Partnership Assurance’s business the reaction was, severe.  The share fell from 300 in the morning to close at 143.

I think this is overdone.  I am not an insurance co expert so if I make any obvious mistakes please feel free to let me know