Well we knew october was
gonna be a shocker, and
so it proved. Oil price rises, conflict in
middle east, nasdaq under
pressure etc, etc
I was happily riding this storm content in the knowledge that the
fletcher stocks were going to come to the
rescue. How wrong can one be.
I have been buying up building
for the last year or so expecting a nice little
return when they were sold.
Then when forests started falling
from 80c midway through the month
i snapped some of them up at 62c. Next day
WHAM
Having
had time to recover from the shock, i am content to hold
building as i feel long term i will end up ahead.
The dividends are nice
and they will be more attractive to buyers once
they stand alone.
Forests on
the other hand make me very nervous. They are my big
blunder of the year. Just when all stocks
are cheap and bargains are everywhere,
i have to blow my available cash on forests and
see it half in value within a few
days. To make matters worse they expect us
to cough up even more money.
Whatt makes me really
nervous is that after we have paid up for our new
preference shares, there will be some more
bad news, citic will still be annoying
us to death and there are probably a few other
sceletons in the cupboard that the board
have deperatly hidden from us.
On the bright side we are now into november and today my
portfolio
had its best day in a while, not one of my 10
stocks fell. Restaurant brands and
contact energy are leading me out of trouble.
Nufarm look good (wheres my divi)
Guinness peat is very solid and
dependable, frucor are doing fine and carter holt (just bought)
should be good for some kind of rise.
Breirleys will be due to go back to 40c +
which leaves the
dregs , Telecom (bought 7.30) building and forests.
Hopefully
telecom will recover, building will too eventually, and nice divi
coming next week, which just leaves
forests. Hopefully will be able to exit in one piece
shortly after the rights issue.
Feeling more optimistic now the month has finished. Next august/ sept remind
me
to sell all my shares!!
nick
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