Con80.
Mid to late July there was a lot of whipsawing above $4.00, on increased volume, the SP didn't want to clear $4.10 convincingly. So that was one decision.
The second decision was the overall markets were showing signs of turning south.
The third decision was two stocks in my portfolio represented almost 55% (AGO and MTE). Ideally I would prefer 10% weighting (max 15%). I am still overweight on MTE.
I am now holding about 35% of my previous position. Bear in mind about half that was bought during the GFC lows.
Fundamentally I love this stock, but I prefer to be cautious, because I was 100% committed in the market during the GFC, lost 70% to 75% on paper, obviously I recovered strongly (had no leverage and will not use leverage).
I just wanted to have a cash position to call upon if another rout occurs in the market.
AGO does have a history of closing its gaps and does tend to navigate itself within a trading channel.
I am prepared to buy back shares that will bring me back to about 50% to 55% of my previous position. Technically we are in a bear market so the trend is to the downside.
Buy the dips and sell the rallies is what the market forces will use during this period.
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- article in the australian 30th august
article in the australian 30th august, page-24
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