Note: For the title of each post, I have now decided to use an article from Bloomberg that describes the current sentiment of the day:
Charting the Markets: The 2016 Equities Sell-Off Continues
Its a day more before I leave for London, and much has been accomplished. We had an intensive reshuffling of our portfolio, trimming positions of stocks that had appreciated significantly since our purchase, and adding to our current positions.
I am not too keen on portfolio churning, but in this instance, I find it necessary for us to take small losses on our positions given the level of opportunity available in the market. It has not been easy to fight our behavioral biases – the chief one being loss aversion. But we must.
To achieve superior returns, one must act in a way that others are unwilling, or unable to.
With the market falling, and no ......