Have a small handful of quotes that have accumulated with time and rattle around in the old noggin, often repeat them to myself when I find myself in trying situations to improve perspective.
Had one of Mark Twain’s brought to my attention during the week. Think it might stick.
“Never argue with stupid people, they will drag you down to their level then beat you with experience”.
Brought a smile to the dial, not suggesting the garages human not stupid but something very 2021 about it, as we race via developing media platforms into a society of self-interested opinion, one for the noggin as will promote good time management skills going forward if nothing else.
Frank bonding with Geoff & Petula well, something about connection of birds with dinosaurs and frank seeing himself as a bit of a T rex of the ASX, all jokes aside, daughter and I out with Geoff & Petula this morning, supplying their meagre ‘jobkeeper’ brekkie of 2 almonds only per TA unit (rationing hasn’t gone down well on the 'porch rail’ btw). Had Petula perched on my arm, having a chat with her about the market in general but couldn’t help noticing the functional architecture of a parrot foot, 2 middle toes forward surrounded by 2 singles back.
I mean you try ‘beaking’ an almond, transferring it to your toes then holding it up to your mouth for a contented nibble all in perfect balance on one leg while holding a conversation supported by the unstable platform of your resident human's arm, makes the opposable thumb for which we take great evolutionary conceit look a bit ‘2nd hand’, human's do love perceived superiority, best not to think about it I guess.
To the markets, bit of a mixed bag.
A2M, very substantial position at one point up $7k profit only to exit 75% of trade for $200 up and we won’t talk about the ‘red’ carry on balance, in hindsight all got a bit ‘emotionally foggy’ but put it down to experience, hoping definition not the same as twain’s above.
Noticing a few of these setups appearing in the ASX just past week with increasing frequency, where some ‘high quality growth’ stocks recent metrics not supporting definition and valuation models being adjusted, trick is to appreciate that valuation models need time to mature and when ‘time’ involved that means patience, not a comfortable place to be for most traders but lucrative if you can jag it.
Still think there's a stellar trade in A2M, just don't know when, watching very closely.
AVA stopped out of, high conviction small end play, victim of contractual profile of earnings going forward, if nothing else a confirmation of the definition of conviction, not a pointer to certainty of outcome just means your ‘convinced’ about something.
On the upside exited daughters holding of CPV & MNS on irrational ST upside near local highs for good green, MNS jagged on funding anns momentum, $80mill @ 12.5%, got a bit of the CCard about it, we got into MNS in 1st place for obvious reason of sector position months ago, also noted quality of people involved, just thought better outcome could have been managed if my view of IP was correct.
One general measure of quality of IP is cost of funds, a general rule as even exceptionally good IP can be desperate especially during start-up, just thought 12.5% pa bit iffy, with the garage becoming more ‘reptile’ in nature the human trait of insincerity diminished so have to admit took great glee in magnitude of retracement after exit, good to spend a bit of time in the ‘smartest guys in the room corner’ however fleeting.
On both will let the dust settle, CPV confident will get back into, MNS also not dismissed.
FLN saved the week, long term ‘crabber’ that finally straightened up, smart people are always talking about ‘free carry’, the garage obviously has a minimal relationship with the concept, but we treated ourselves.
Not really seeing the small end at the moment, have a lot of cash in ETF’s, starting to feel a bit like a millennial, one disturbing downside to this, as actually an ‘Xer’ in the habit of walking around the place without a smartphone, starting to feel an increasing sense of emotional fragility for some reason, this all accumulated late in the week while enjoying a ‘cleansing 2’ and in mid cleanse realised the S8 out of reach, resulted in a disconcerting little emotional ‘episode’ highlighted by constrained mobility F… me, might lighten on the ETF’s.
We did take one position at small end during week, PXS.
A model life cycle play, it’s position in time with initial access to the US market underway attractive, the existence of an actual product also helps. This went on the WL some 6 mths ago courtesy of STT, reckon now the time for exposure. DYOR as refer to A2M above.
