I’ll now be reporting new buys and sells as I make them instead of waiting for the next semi-annual review to report on these changes.
A number of readers have told me that they have been mirroring the Mispriced Markets portfolio to a greater or lesser extent with some of their own money. As a result, I’ve decided to try to be more timely in the way that I report on the changes I make to this portfolio. Instead of waiting for the next semi-annual portfolio review to give readers a full update on my activities, I’ll report any new buys or sells I make as soon as is practical after I have finished buying and selling for my own account.
You can find a list of my current holdings on the Mispriced Markets Portfolio page. Here you’ll also find links to my most recent portfolio reviews and links to archives of old portfolio holdings. Clicking on the “company information” button at the top of the portfolio list will take you to another page with descriptions, links to in-depth analyses and a brief overview of my thinking on each of my portfolio holdings.
As readers may have noticed, I tend not to trade that frequently. In any given year there may be only a handful of new names that make it into the portfolio and a handful that are given the boot. Some of the stocks I own are quite large and moving in or out of a position is as easy as pushing a button. Many, though, are stocks in smaller companies and trading can be a bit more arduous. There are days when some of the stocks I own don’t trade at all and other days when only a few thousand dollars worth of shares trade hands. It can take me days, sometimes weeks, and occasionally (and painfully) months to fully enter or exit a position.
Sometimes a stock may run away on me as I’m trying to buy into it. In this case, I may just sit back and wait for a few weeks to see if it settles back down and gives me the opportunity to buy more of it. Conversely, if bad news comes to light for a stock I own and the price tanks, I may not be willing to simply give the stock away. Instead, I may try to take advantage of occasional rallies in the stock price to unload my position slowly, over time.
I won’t be revealing my trading activities while I am in the middle of trying to establish or get rid of a position. But when I am finally satisfied that I have bought all I want to of a stock, or after I have sold my very last share, I will post a trading update on this blog to keep readers in the loop.
In addition to this, I plan to continue to issue portfolio reviews 2 or 3 times a year with the usual market commentary and a review of any new developments that may have occurred at the companies I hold in my portfolio.
As always, you can get these trading updates and portfolio reviews sent to your email inbox by clicking on the “subscribe” menu item at the top of this page.