H1 2020: Running Up That Hill
I decided to take up running on my 30th birthday after realising my 20s lifestyle, though not overly excessive, had given me a bit of a paunch.
I decided to take up running on my 30th birthday after realising my 20s lifestyle, though not overly excessive, had given me a bit of a paunch.
After a few decades of investing, it’s tempting to think that you’ve seen it all. But the stock market, not to mention the real world, never fails to surprise.
With two young kids at home for a week already, this blog is going to be a lot more sporadic over the next few months. But I wanted to set out some thoughts on how the bear market has impacted me so far and what I’m planning to do.
I matched the global indices last year with a return of 21.9% and a solitary losing position of just 1.2%. But few years are likely to turn out this well, so it’s important not to get carried away.
Some memories stick with you. I was working for a few weeks in Zimbabwe in the late 1990s and I still recall the events of one afternoon in particular. We were there with a small local team and I remember the shocked look on their faces as they trudged back into the office after lunch. “What’s the problem?”, we asked.
Stock markets never fail to surprise. The heavy fall at the end of 2018 seems to be long-forgotten, and global markets have been making all-time highs again. In pound terms, they rose 16.5% over the first six months of the year (and a further 3% in the first three days of July). My 2019 Half-Time Report
I last did a portfolio review at the end of 2018, so the end of the first quarter seems like a decent time for another catch-up and some more pithy observations.
I don’t consider myself to be an active trader. In a normal year, I’ll reinvest some dividends every few months and add some fresh money to my ISA in April or May. That’s usually it.
If I am feeling particularly energetic, I might sell a holding that doesn’t seem to cut the mustard anymore and reinvest the money elsewhere. Then I might need to lie down for a few years to recover!
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