Nothing really happening

Still waiting and seeing. I haven’t had many market inspirations lately. One of my positions has been significantly underperforming over the past month and this has contributed to some significant portfolio drag, which I am not entirely happy with since I was considering to jettison the thing before they got significantly hit on their last quarterly report. The underlying company’s liquidity has been less than ideal, but one would think they would have an incentive to find some sort of financing considering that its founder still has a double-digit percentage stake in the company.

My macroeconomic focus is less on geopolitical considerations (e.g. Syria) and more on what the impact of the anticipated reduction in US Federal Reserve policy accommodation will have on the economy. Clearly nothing good. Ironically I am thinking that longer term treasury bonds are looking attractive, but if those 10-year yields inch up above 3% then I think there would be a speculative position worth taking.

I also observe the REIT sector has taken a bit of a breather lately, but valuations are still nowhere close to where I would consider them attractive.

Over a quarter of my portfolio is in cash, and the majority of what I have invested in would be considered in the deep value category.