Comments on: Q3 2019: One Eye On The Pound

By: ITinvestor

ITinvestor — Sun, 20 Oct 2019 12:27:13 +0000

In reply to tom_grlla. Thanks, Tom. I sometimes find such funds a little too defensive for my tastes. But the older I get, the more they appeal!

By: tom_grlla

tom_grlla — Sat, 19 Oct 2019 19:43:58 +0000

I don’t think you’ll be disappointed if you look at Capital Gearing (as long as you see it for what it is: i.e. defensive). I think the firm has impeccable integrity, strong alignment, and an impressive, consistent track record. Lots of good quarterly reports to read too.

By: ITinvestor

ITinvestor — Fri, 11 Oct 2019 09:16:56 +0000

I think a lot of my pound-gazing has also been an effort to make sense of the twists and turns of Brexit. It’s kind of reassuring to have one number that summarises how things are progressing (up to $1.25 this morning I see) and whether the latest ‘major’ development is actually meaningful. Of course, the market may get it wrong.

I suppose I am little disappointed to be trailing the market, even if it’s been a terrific year so far in absolute terms. And I guess it feels like most of this year’s gains were stolen from last year, due to the big fall in Q4 2018, so perhaps they feel a little less real.

But you’re right, I shouldn’t complain. I also made a conscious choice to be conservative with funds like RCP, CLDN, and MYI plus the infrastructure plays. So when the market makes hay, I should expect to trail behind a little.

By: The Investor

The Investor — Fri, 11 Oct 2019 07:27:33 +0000

@ITInvestor — I share your obsession with the £ over the past three years… with my active investing hat on I tend to get a little obsessional, true, and I’m far more active than you which means investing over the past three years has been like playing four-dimensional chess with politics/sterling ready to thwack you from left and right.

Nearly 20% returns in any year is not to be sniffed at, as you know. (You sound just a tad complacent/underwhelmed? 🙂 ) Better than me this year… I’ve been dragged down by bets on UK mean reversion (/sterling) and some mixed results trying to be a vulture with Woodford’s horrible cast-offs, which in most cases were best cast off after all! 😉