I always try to keep the HC forum informed of any my major buys...

I always try to keep the HC forum informed of any my major buys or sells. If people had followed my leads in MLB, PNA, ZFX (those were the days) TOX, CCC they would have made great profits and saved significant losses (CCC especially)

So it is with regret I'm letting you all know that I have sold down my AVB portfolio significantly. Have about 40% of my initial holdings left. The reasons for the sell down are varied and include:

BEP - knocking back a BEP position was to much of looking a gift horse in the mouth. Trading is very much about risk and return; most of you out there in HC land don't actually trade that many $$ in each stocks, it may feel like a lot but it's all relative. I have maintained the faith in AVB for a significant period. At the worst my paper position was down well into the $six-figures. When you experience this and see a return to BEP the temptation not to take the cash off the table is intense.

AVB - the management of AVB have promised significant moves towards mining on many occasions. But the evidence of getting there is light on the ground. Problems like delayed TML the BFS etc show that it is all a struggle. These delays, shifts in goal posts etc have got me worried. The icing on the cake is the diminishing $$ in the bank (still $10m available though) and the failure to get any money out of Vale, and commentary from posters at the AGM have me concerned. Regardless of how they get to mining AVB will require more cash.

AVB vs PNA - on many occasions I have compared AVB to PNA. I think instead of getting closer to PNA in comparison AVB is getting further away, another concern for me.

Global concerns - the fiscal cliff, Middle East, future of Oz economy all add significantly to the feel on the ASX. As was seen in the GFC great stocks were smashed. We are sailing with storm clouds on the horizon and if the perfect storm comes the world's way then cash is king!

SWC - not that I know Salt Water Cowboy but his departure both from AVB thread and the AVB top 20 is more evidence of what I'm talking about.

All told, I'm not out and if AVB Hits a dollar tomorrow than I'll still walk away with seven figures but all things being equal happy to have most of the cash back at BEP.

Good luck to those that are happy to maintain the rage of AVB support. I will watch with interest and hope for the best as I still hold 40% of what I did.

The risk of posts like these is you put your thoughts out there... I'll be happy as anyone tomorrow if there is a take over at 40-cents.

Finally, Decisions and comments are my own and should not be taken as advice.

4thekids