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Anybody buying into this abyss? I'm not. Opened small speculative position in PRLAX yesterday moving some money from PRWCX - as cash is low. Indirect long-term play on commodities and against strong dollar. Fund was already down about 30% over past year.
Keep scotch or preferred medication on ice. Might need.
Hank, get with the program. You are suppose to tell us many days after the fact and when the market is many percent higher what you bought at the lows. (now how does a Luddite like me insert a smiley face?)
edit: I would like to buy TLGT again. But being woeful at stocks I will pass.
As a way of marking our entry into a "world stock bear market", I shifted a whopping 0.5% of my portfolio from bonds/cash to stocks. Mostly, I am just mentally noting to myself that it is time to start thinking about such things.....
REITs had been performing well before getting swept up in the madness today. So, I added to WPC and VTR. When O drops below 50, I will add to that as well.
Added to PRBLX last week, PRHSX on Tuesday, and picked up some preferreds that hit my desired yield/price point to buy. I have other stock orders resting and may add to some OEFs as opportunity presents, too. So yes, I'm carefully buying according to my pre-swoon plan.
Added a bit to VDIGX, GLFOX. Initiated positions in PRNEX and PRGTX since the beginning of the year. Also, sold a bit of PRHSX and added to ARTKX last Week.
Hank, get with the program. You are suppose to tell us many days after the fact and when the market is many percent higher what you bought at the lows. (now how does a Luddite like me insert a smiley face?)
edit: I would like to buy TLGT again. But being woeful at stocks I will pass.
TLGT was 6.53 when I edited my post above now at 7.05. But as I said I passed because I know my limitations and am woeful at stocks. A lot of those beaten down biotech I mentioned yesterday seemed to have turned around with DEPO up over 12% and AMAG over 8%.
There is some silver lining for big biotech/pharma with hefty cash position if this downtrend continues. Funding and exit options are drying up for biotech startups so their valuations will drop. Large biotechs can go shopping at liquidation prices to fill their pipelines. Only problem might be that they start bidding with each other for promising companies and overpay. There is never a guarantee in this business of what might happen.
@vkt Maybe the only guarantee in Bio/Pharm is I P O opportunity ? Beijing, China-based and Cayman Islands-domiciled BeiGene (Pending:BGNE) is set for its IPO of 5.5M American Depositary Shares (ADSs) at $22 - 24 per ADS. Each ADS represents 13 ordinary shares.
The biopharmaceutical firm develops molecularly targeted and immuno-oncology drugs for the treatment of cancer based on its proprietary cancer biology platform that focuses on tumor-immune system interactions. Its pipeline includes PD-L1 inhibitors as well as candidates targeting BTK, RAF dimer and PARP. 2015 Financials (9 mo.)($M): Collaboration Revenues: 4.1 (-64.5%); Operating Expenses: 34.5 (+64.7%); Net Loss: (29.9) (-101.6%); CF Ops: (23.1) (-999%). http://seekingalpha.com/news/3039886-beigene-deck-ipo
"There is some silver lining for big biotech/pharma with hefty cash position if this downtrend continues."
Precisely my bet on GILD. They loaded up on debt, on top of an existing great cash position, before the rates started up. I just hope that they use it wisely.
"There is never a guarantee in this business of what might happen."
There is never a guarantee in life of what might happen.
Not today, but we will do some re-balancing tomorrow, resulting in selling bonds and buying stocks. 'Twill be interesting. Today was certainly a wild ride. Talk about higher volatility. the sky is falling the sky is fallingthe sky is falling THESKY IS FALLING the sky is not falling the sky is falling. Really strange day, and I have been at this for more than 30 years.
Hank, get with the program. You are suppose to tell us many days after the fact and when the market is many percent higher what you bought at the lows.
@Junkster: FYI - I'm perfectly capable of writing credible fiction. Had a job once where it was darn near required CYA. Refuse to do it here, however, because there's no money in it.
Not buying (in 79% equities in tax advantaged portfolio I can't touch for a while) but slowly liquidating my bond positions in that portfolio to raise cash. When the markets recover bonds are going to crash hard as interests rates jump back up and that cash would come in handy for the recovery leg. Down to about 8% bonds. My assumption is that there isn't much total teturn upside left to lose in treasuries if the recovery takes longer and this selling turns out to be premature. The risk/reward is better in equities now than in safe bonds, in my estimation.
Don't have a clue what to do with the taxable portfolio that is sitting pretty at less than 1% loss YTD with 70% in cash. Tough to not get greedy and start putting that money to work at the risk of another 10% or more loss. Moving tiny amounts really does not move the needle. If you don't move enough to feel the hurt, you are not going to gain much to make it worthwhile other than a psychological boost and perhaps bragging rights on internet forums if that is your thing! No way to guess the bottom for a conservative portfolio that cannot afford to lose value much especially if we go into a multi-year flat or bear market where that money may be needed. Just sitting tight avoiding losses seems like the best risk/reward strategy for that portfolio.
Comments
edit: I would like to buy TLGT again. But being woeful at stocks I will pass.
Looks like CELG is positive...explains relative outperformance of IBB.
Now we're dropping again...I wish we'd just get it over with today!
Added to PRBLX last week, PRHSX on Tuesday, and picked up some preferreds that hit my desired yield/price point to buy. I have other stock orders resting and may add to some OEFs as opportunity presents, too. So yes, I'm carefully buying according to my pre-swoon plan.
@vkt Maybe the only guarantee in Bio/Pharm is I P O opportunity ?
Beijing, China-based and Cayman Islands-domiciled BeiGene (Pending:BGNE) is set for its IPO of 5.5M American Depositary Shares (ADSs) at $22 - 24 per ADS. Each ADS represents 13 ordinary shares.
The biopharmaceutical firm develops molecularly targeted and immuno-oncology drugs for the treatment of cancer based on its proprietary cancer biology platform that focuses on tumor-immune system interactions. Its pipeline includes PD-L1 inhibitors as well as candidates targeting BTK, RAF dimer and PARP.
2015 Financials (9 mo.)($M): Collaboration Revenues: 4.1 (-64.5%); Operating Expenses: 34.5 (+64.7%); Net Loss: (29.9) (-101.6%); CF Ops: (23.1) (-999%).
http://seekingalpha.com/news/3039886-beigene-deck-ipo
Precisely my bet on GILD. They loaded up on debt, on top of an existing great cash position, before the rates started up. I just hope that they use it wisely.
"There is never a guarantee in this business of what might happen."
There is never a guarantee in life of what might happen.
Regards,
Ted
Don't have a clue what to do with the taxable portfolio that is sitting pretty at less than 1% loss YTD with 70% in cash. Tough to not get greedy and start putting that money to work at the risk of another 10% or more loss. Moving tiny amounts really does not move the needle. If you don't move enough to feel the hurt, you are not going to gain much to make it worthwhile other than a psychological boost and perhaps bragging rights on internet forums if that is your thing! No way to guess the bottom for a conservative portfolio that cannot afford to lose value much especially if we go into a multi-year flat or bear market where that money may be needed. Just sitting tight avoiding losses seems like the best risk/reward strategy for that portfolio.