Snakes & Ladders


The start of the year has been an abrupt reminder that investing is not for everyone. We each earn our long-term growth by successfully handling difficult periods like this one. When all we receive in the interim periods is additional growth and income, it takes no personal effort at all.

Most of us have been investing a long time, so we have already handled many similar periods and have the scars to prove it. Covid – 19, the last worry about the rise in inflation in 2018, Brexit, Greek debt worries, Greek debt worries again, Cyprus default, The Great Financial Crash. All of these periods have been successfully navigated in just the last 13 years! We should get an achievement badge for each, we could wear them like an astronaut wears his mission patches.

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January 2022 Investment Review

On the 4th of January I was ready to write this review. Unfortunately as I was preparing and double checking the portfolio performance figures I noticed an anomaly with the valuations on Nucleus. When I informed them the fix was swift, but unfortunately all portfolios had been overvalued between Christmas Eve and the 5th of January. Since then we have experienced a period of volatility that is reminiscent of October 2018. So today I finally get around to writing the review.

Here you can see the two errors sending valuations higher on days the markets were closed!

A week is a long time in politics.

Harold Wilson c.1964

No, this wasn’t written about Boris Johnson today, but it has been re-quoted many times as MP after MP spectacularly fall from grace. This has been a particularly long week for me.

Had I published this review on the 4th of January as planned, there would have been an element of boasting about another above average years performance in our main portfolios. A week is a long time as an investment manager. Never, never, gloat about the past performance as it is likely to blow up in your face. The markets will do what the markets will do, irrespective of how you feel about it.

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