Nothing Everything Nothing has changed

Is it over? When I went on holiday it felt like I was fleeing a hurricane. Returning, I pretended nothing had changed. Now the dreaded moment has come. The monthly portfolio review.

But first, the reason for dread. I'm not afraid the Thrifty 30 has lost value in August's panic. That's inevitable. I just detest talking about performance, and the events of August intensify the urge to talk about it!

Hedge funds had a bad August too, despite their focus on 'absolute returns'. Asked to comment on Radio 4 a well known hedge fund manager and private investor said the good news is, even the professionals lost money. Asked to reveal how much he'd lost, he declined.

That's very wise, if he waits until he has to tell his clients how he's doing, they're more likely to be happy because, in investing, the longer the time frame you measure over, the more profitable an investment is likely to be.

Because the Thrifty 30 is public I publish charts, and tables every month, but I try not to pay attention to them. If I were purely a private investor I'd check performance once a year, and expect to be pleasantly surprised most years.

At best, watching short-term performance is a waste of time and energy that could be more productively used analysing companies. At worst, when an investor succumbs to the impulse to react to poor performance, it can be disastrous for long term returns.

The simple fact is, if you buy high and sell low, buy when markets are buoyant and panic when they falter, you will not be a successful investor.

I'm determined that the Thrifty 30 will evolve slowly, as I improve my techniques, and companies come and go on their own merits, not in a series of knee-jerk reactions to events outside my control.

So with that preamble, not much has changed on a relative basis. On an absolute basis, everything has:

On a value basis, we shall have to see, as I grind my way through company reviews over the coming months.