Good morning!

I hope everyone is ok out there.

As I type, FTSE futures are changing hands at 6550.

It has been an extraordinary week in the stock market.

In the immortal words of Clive Dunn, "Don't panic!"

In today's article I'll be taking a look at the newswire, as usual, and talking a little about what's going on more generally.


Some small-cap announcements today:

Rightmove (LON:RMV) has published results, too. I have a long position in that one, and it's relevant to OTMP, so I might say a few words on it.

Finished at 13:30. Got as far as VTC.


Carnage

I should address the fact that the FTSE is down by 800 points, or over 11%, in the space of five trading sessions.

What I've been doing - very little!

As long-time readers will know, I don't trade very often. I can go many months without buying anything new, or selling anything.

It is true that since December, I disposed of around 1/4 of my entire portfolio, to help fund a house purchase. Yesterday, I got rid of my tiny stake in Property Franchise (LON:TPFG), to help fund this purchase.

The rest of the sales took place in mid-January, long before the panic over the coronavirus.

So my share portfolio has not been reacting to this news.

If I had been more clever, I would also have sold my entire stake in Burberry (LON:BRBY) last month, when it was trading at £23 (now £16). But selling and buying back cheaper is not a game that I play.

The total returns for my largest holdings so far in 2020 are:

  • Volvere (LON:VLE) (+6% YTD) (21% of portfolio)

This is a cash-rich, counter-cyclical holding which would benefit from a recession. It's been holding up as I hoped it would in these circumstances.

  • Burberry (LON:BRBY) (minus 27% YTD) (12% of portfolio)

Burberry has…

Unlock the rest of this Article in 15 seconds

or Unlock with your email

Already have an account?
Login here