The Reluctant Investor

Is he referring to Iran or ICE? 🤔

Surely they're not so illiquid that they can't be sold over multi-years closer to NAV?
Be interesting to see how #CHRY (we have a tiny holding) fares in comparison as they seem to be happy to consider a wind-down IIRC.
I just think these managers are not acting in shareholders' best interests.

Just caught up with this #AUGM news Peter. Ex-holder but IMO either the board is
a) too lazy to effect an orderly wind down as assets are sold OR

b) they are potentially as inept as the likes of #CSH and don't trust their own NAV marking

Another nail in the coffin of IT integrity!

#CREI is a core REIT holding for us, alongside #TRY

100% agree!

Just visited Australia 4 1st time. Wine tasting in Hunter Valley, host blamed lack of Koalas on immigrants needing housing. They never stop.

My feed is a majority US news/opinion alongside the finance. When I keep reading

"This is not who we really are" 👍

my head keeps thinking -

"Let's see who you really are at the ballot box"

when all will be revealed. I remain sceptical until then...

Keep on going. My CAGR over a decade only works out ~6!

Trimmed 18k off #BRWM in my SIPP to bring it back to 30k yesterday evening, Oz time!

G'day 🦘🕷️

Thanks for picking up the improvement baton Henry🙏
Since I mainly invest in trusts I prefer more macro/thematic content. e.g. commodities may be a good inflation hedge and one way to gain exposure could be #BRWM for miners or xxx ETF

Wow! Just need do some #DGI9 digging now....

Hong Kong skyline at night

Huntsman Spider (we hope)

In Sydney visiting family and friends via Hong Kong. Been here barely 12 hours...

I've never understood why content published on platforms isn't their own responsibility, just like newspaper editors curate readers' letters. Can't think why billionaire owners seem to get a free responsibility pass 🤔

My hastily produced 2025 review which helps me 12 months down the line so don't feel guilty for ignoring it!

thereluctantinvestor.blogspot.com/2026/01/2025...

2/ So, like in 2022, challenge is to retain as much as poss of that profit to keep ahead of my #CGT benchmark. Not too difficult it turns out for 2025.

1/ Happy New Year to all. Been quite a year both personally and financially. Reduced holdings down to 46. 2nd best year ever as my stubborn adherence to the UK finally proves a broken clock etc...
Overall growth across all PFs is 16.78%, as ever taking balances + cash withdrawn

Trimmed back another £9k of #BRWM yesterday to bring it to 10k. May prove to be trimming the flowers etc... but I've sat and watched gains evaporate before and over target commodities exposure.

Saba Capital Management discloses about 10.08% stake in Gore Street Energy Storage Fund as at Dec 12 - filing Gore Street Energy Storage Fund PLC: Saba Capital Management discloses about 10.08% stake in Gore Street Energy Storage Fund as at Dec 12 versus prior stake of about 5.02% - filing ...

More than happy to see Saba take a stake in #GSF if only to accelerate something. Anything. Was considering pulling the plug on the 50% capital loss and moving on....
www.marketscreener.com/news/saba-ca...

Exited last 12k chunk of #IBT in my SIPP so zero in direct pharma now.

Exited #GSK so I'm sure it'll fly from here but
- happy to have made a profit
- isn't a fit for the income ISA
-top of 10 year range

#DGI9 : "No-one better than us at creative NAV accounting"

#HGEN: "Hold my 🍺"

Finally exited another alt poster child - I've seen this play before. More reputational damage to a tarnished sector. Maybe Saba will be the catalyst for something more than a few discount closings

De-risked some risky 50k of debt in #TFIF and dumped 100k into perennial fave Royal London Extra Yield Bond fund. All in our SIPPs. Enjoy your weekend 🍻

New holding - 7.5k in #CSN in the income ISA. Been watching a while. Have a good weekend everyone.

Only got a small holding (-52%) in still-suspended #HGEN who seem to have taken inspo from another "niche" diversifier (#DGI9) and mis-valued NAV. Weird how it's never under-valued 🤔

Trimmed this chunk of #BRWM back to 16k today to bank 5k. That's more than replaced the 4k tax we paid taking it out of the SIPP to gift into son's ISA 😁

Sold 11k of my 21k of #IBT in my SIPP. Not sure I have the patience to wait another 4.5 years for it to reach this level again for a relatively low yield. Underweight specific pharma and not really sure how useful a 5% weighting is in the grand scheme of things.

Sold ~half of remaining #GSK - it's in the income ISA and isn't a particularly high yield so will try to take profits within the 12-18 range. Which will probably fail so end up purchasing less volatile 8% debt income in the end 😉

3/3 Asset allocation underweight everything bar cash, and will be looking to add to some of the debt holdings but in no hurry.

2/3 Trying to focus on bigger holdings of better things and reduced to below 50. Some legacy laggards like #JSE and #HGEN but barely a blip now.

1/3 I have to put you thru the quarterly rigmarole as it forces me to evaluate what I'm doing on a regular basis. Had a big chunk (230k) in cash/MM during Peru trip and not in a hurry to interrupt the progress YTD as 2025.Q3 is up 3.3% for total YTD (inc divis) of 🥁🥁 12.8%