The last few days I've spent pairing back my positions. I sold a small stake in RIMM (10% loss), brought down my Japan basket to only 2.4% of the portfolio (from 10% earlier this year) and I 100% hedged out my position in CA with put options.
So net of these actions, I'm only ~20% long. YTD I'm down nearly 3%. Not great, but better than the S&P down ~8%, and the Russel 2000 down 13.5%.
I spoke with a small hedge fund manager based in OC yesterday who is buying on this dip. I think it is the wrong move as valuation still leaves a lot of room to the downside. It's important to recognize that investing is not just psychology (buying when others are fearful), but also when things are dirt cheap.
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