Since inception, I’ve had a good run investing in large capitalization stocks in the United States. However, the recent and sustained run up in prices has left few opportunities. It’s hard to imagine now that you could purchase well run blue chip stocks trading at less than 10x PE, and companies like Bank of America and AIG at 1/3 of book value.
BAC & AIG were our biggest holdings, and I am happy to say that they have worked out well since taking stakes in them in 2011. While pockets of value still exist, they are much harder to unearth, and I’ve taken the decision to wind down the US equities portion of the portfolio in the coming weeks.
I will be launching a new site later this year with a focus on Asia. Hong Kong and Singapore are filled with the same bargains that I saw in 2011 in the ......