I say this at the end of every January and July. The most exciting months in an Australian fund manager’s life are February and August. Reporting season is when we get to see whether our prognostications were correct and find out whether the market will come to agree with our assessment that the stocks we own are undervalued.
The broader market continued its recent rise (third consecutive blogpost where our benchmark hit an all-time high), Unfortunately our portfolio has done next to nothing in the first couple of weeks of 2017. The swell of economic positivity of late has me given to think of the importance of psychology in economics. The tidal wave of global positivity in the second half of 2016 has continued into 2017 (so far).