10 March 2009

Portfolio Changes

I spent yesterday away from the markets. I missed a good opportunity to lighten on my disappointing position in the ultra-short China ETF, FXP. Nevertheless, I significantly lightened my FXP holdings, selling off 370 shares at $36.78 from a cost basis of $59.33, for a loss of 38%.

It's an ugly loss, but if we're in the midst of a bear market rally, I'd rather take a smaller loss today than a bigger loss on Thursday. And it's much easier to digest a loss on a day when your long positions look this good.

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