Morning Report Thursday 20 August 2015
The ASX200 has corrected 11.6% since the dizzy heights of March, when investors were simply chasing stocks for yield without any thought to capital depreciation. Most of this move has unfolded exactly as we anticipated and fortunately we maintained significant cash holdings during this correction. Yesterday we started deploying some of these funds back to work. Inevitably when holding any stocks during a significant correction, the likelihood is some positions will be underwater and we are experiencing this with some stocks below, but overall our cash position and stock selection still has us way ahead of the crowd. A number of points must be clearly addressed as an investor on a regular basis:
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