2022 goes down as my worst performance investing so far, with the portfolio down just shy of 20%. It’s small consolation that this was a similar return to the S&P 500 and that many growth-focused funds were down a lot more. While most of the underperformance is down to my focus on quality growth stocks there are some lessons that could help me avoid more of the damage next time.
Continue readingIt was a disappointing end to a difficult year as hopes of a Santa rally mitigating some of the damage have vanished. The US stock markets and UK mid cap and small caps look like they might be heading back towards their lows, reinforcing the prior downtrend. It still looks fairly gloomy as we head into 2023.
Continue readingIt has been a difficult third year for the experimental copycat portfolio. It is down 33.9%, which compares very unfavourably to the S&P 500 (-11.3%), the FTSE 100 (4.5%) and my own portfolio (-16.8%). This leaves the copycat portfolio down 2.9% over three years, compared to S&P 500 (29.9%), FTSE 100 (3.1%) and my own portfolio (25.5%).
Continue readingA modicum of normality has been restored in the UK since Rishi Sunak has been brought in to replace Truss after her chaotic but short-lived reign. Well, at least the markets have been placated a bit, with gilt yields coming back down and the Pound recovering a little. Stock markets had been doing fairly well over the past few weeks, until the Fed poured another load of cold water on any optimism that had started to re-kindle with its latest pronouncements on interest rate hikes.
Continue readingIt has been another tough quarter as the summer rebound gave way to further selling, leaving the market indices and my portfolio currently near their lows for the year. This is unsurprising given the macro outlook. Even as the economy is showing signs of weakening, there is little sign of inflation dissipating yet and most central banks are rapidly tightening interest rates. The inauspicious launch of Trussonomics has added to the general turbulence, causing UK interest rates to rise and causing some concern for mortgagors like me.
Continue readingAfter a strong rally over the last couple of months, things have come crashing back down to earth over the past week or so. Fears about rising interest rates have come back to the fore and were crystallised in Jay Powell’s comments last Friday, aimed to signal that the Fed will take no prisoners when it comes to tackling inflation.
Continue readingIn ’real life’ I’ve had a good (albeit quite stressful) year so far. However, in the worlds of geopolitics and investing, 2022 seems likely to go down in the record books as a pretty terrible year, as the extent of the self-inflicted damage from the lunacy that has prevailed for the past couple of years has begun to reveal itself. Oh yeah, and Russia decided to start a war in Europe. For the US stock markets it was the worst first half since 1970. This seems appropriate as the high inflation, rising interest environment has felt reminiscent of the 70s. My portfolio has has its worse ever first half too – down almost 25% (though it has since recovered 5%-odd over the last couple of weeks).
Continue readingI’ve neglected the blog since my last quarterly review back near the beginning of April. I’ve had rather a lot on my plate with work and family and haven’t had the time or mental bandwidth to get my thoughts down on paper. This has unfortunately coincided with the unpleasant but fascinating carnage unfolding in economies around the world and in the stock market. This has left my portfolio battered and bloody at the half-way point this year. I should have a bit more free time over the coming months to resume writing here. First I have a bit of catching up to do on my recent trades.
Continue readingI think it’s fair to say that it’s been a difficult first quarter for most investors, but especially those who invest in growth stocks or small caps. A rout in growth stocks driven by inflation and the anticipation of tightening monetary conditions was compounded by the war in Ukraine. There has been a significant rebound since then but my portfolio is still down by around 10% YTD, having been more than 20% down at one point.
Continue readingThe last few weeks following the immediate aftermath of the Russian invasion of Ukraine have actually been very good for the stock market. My portfolio has had a significant rebound but not enough to rescue my performance from a dismal start to the year – more on that in my upcoming portfolio review.
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Quality Share Surfer 