Sugar rushes all round today as the European Central Bank promised to bring bond yields into line. So that means that the ECB will buy bonds of government that noone else wants to lend to in order to make their borrowing costs lower. So rewarding their naughty behavior when they borrowed more than they can afford when times were good. Real moral hazard stuff.
Anyway, the stock markets liked it because it makes everything feel warm and safe - so stock prices went up. Don't count on them staying that way forever.
I made one further change to my portfolio yesterday - I mentioned earlier this year that I owned shares in a Scottish Widows tracker. Having looked at the breakdown, and unsurprisingly given its an index tracker, its stuffed full of those stocks L doesn't think are ethical - British American Tobacco, BAE etc etc. She wants it sold, so that's what i've started to do. Yesterday I sold a third of my holding - my intention is to sell the other two thirds over the coming two to four weeks. That'll leave me with substantially more cash to invest over the coming months.
Otherwise, little to report.
No comments:
Post a Comment