LM portfolio as at 17/03/2023:
| Code | Sector | Date Bought | Cost | Value | Gain/Loss |
|---|---|---|---|---|---|
| LM053 | ETF | 09/01/2023 | £1280 | £1190 | (6.91%) |
| LM054 | Banks | 09/01/2023 | £1270 | £1170 | (8.03%) |
| LM055 | General Financial | 11/01/2023 | £1280 | £1280 | 0.45% |
| LM056 | Media | 11/01/2023 | £1270 | £1300 | 2.14% |
| LM057 | Gas, Water & Multiutilities | 12/01/2023 | £1270 | £1290 | 1.88% |
| LM058 | Support Services | 17/01/2023 | £1270 | £1170 | (7.76%) |
| LM059 | Industrial Transportation | 30/01/2023 | £1260 | £1180 | (6.40%) |
| LM060 | General Retailers | 06/02/2023 | £1270 | £1110 | (12.71%) |
| LM061 | Aerospace & Defense | 20/02/2023 | £1270 | £1280 | 0.31% |
| LM062 | Food Producers | 06/03/2023 | £1290 | £1180 | (8.39%) |
The last thing I wanted to do on Monday morning was log into my brokers account and have to look at the sea of red in there.
Seems like the buoyancy from January 2023 onwards has been a false dawn. The FTSE 100 made an all-time high a few weeks ago and then all of this bank woe kicked off and shares have been sliding ever since.
The FTSE 250 went below the 200 day SMA last week and stayed below so that's one position I cut as soon as I logged on - LM053, minus 8.86%.
Next I got rid of the bank share I held.
Boy, that was good timing... to buy a bank share just before a load of small banks collapse. If one little bank collapses then I think it's fair to say it won't be an isolated incident. Whatever dumb stuff that bank was doing will have been replicated by many, many other banks just like back in 2008.
And the dumb stuff they do, they tend to do with each other so their books and positions are all inter-linked. Therefore there will likely be lots of banks with huge losses.
So while Natwest probably won't collapse, it's going to get dragged down with the rest of the naughty boys and take my money with it. So I pulled the plug on Monday - LM054, minus 12.6%.
And that's it for now. No doubt I will be back next week telling you about more losses.
This is the stockmarket, folks.
It's designed to go up but there are many, many downs along the way.
The FTSE 250 stayed above its 200 day SMA just long enough for everyone to get sucked in and now it is destroying our investments again. 2023 could end up being even worse than 2022. How depressing.