Good morning!

In times like this, when there is so much political news, I find that analysing individual stocks can be a sort of refuge.

Looking at a few small companies and trying to decide if they are good investments is not easy. But it is, I find, much more relaxing for the brain than trying to make sense of political news and its potential macroeconomic consequences. That is where things get really mind-boggling.

In this vein, I've finally started reading Lord Lee's book: How to Make a Million Slowly. One of his 12 rules is:

Ignore the overall level of the stock market. Don't make judgements on the macro outlook - leave that to commentators and economists. Focus on your particular selection.

To be honest, I do like to tweak my overall equity exposure based on my view of overall valuations. Cash and fixed income assets are my psychological buffer. They protect me from worrying too much about a general crash in the stock market, since I know I have some powder dry. So I don't follow Lord Lee's rule perfectly.

In the end, though, stock selection is where most of us are trying to gain our competitive edge. Selecting individual stocks is how I personally devote c. 90% of my time. Let's keep it this way!




Quite a few updates today. I am planning to take a look at:

Elsewhere, I see that Ocado (LON:OCDO) has released interims. It's a bit too big for us, with a £7 billion market cap.

According to shorttracker.co.uk,  there are only 2.2% of its shares declared as having been sold short. I suspect that there are still a lot of smaller, undeclared short positions outstanding.

Ocado's share price has more than doubled in 2018, and is up c. 3x from its value late last year.

My investing life has been so much more relaxing since I quit shorting. And…

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