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goodlifer:

While I appreciate the ardent Grahamism can you, with hand on heart (and mouse pointer on spreadsheet), be sure that you can clearly enumerate what every share you hold is actually worth to you?

Even if so, if the famous Mr Market offers you 5% premium, do you bite? 10%? 40%? Have you considered CGT? Where do you reinvest, when they're bidding everything up?

As you may recall, I've been bearish for months now. But I'm still around 80% in, and you couldn't buy most of it from me, because it was accumulated at what I regard as decent value and just keeps on spitting money at me. My problem is what to do with the proceeds, when I don't trust current levels. So I'm doing nothing.

I've been investing against the "wall" of bond money for years. Now market sentiment seems to be turning, and every other hack is writing about a "great rotation" back into equities (when they were proclaiming the death of same a year earlier), I don't know whether to be happy or worried. Well I do, actually, and it's the latter. Because I can't shake the feeling that the narrative is playing out far too quickly and conveniently.

This seems to me to be a trader's, rather than an investor's market. What's that I hear you say? Don't try and time, just trickle in? Fine, but why even get involved at all, when you're uncomfortable?

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