1Q 2011 has ended, and it is time to take stock once again. Although it had been volatile, and I was right to exit certain positions (Capitaland & Wilmar) prematurely, I was wrong to exit others(think Zhaojin, Gold, SGX and F&N) prematurely too. I would have mostly been better off had I stuck it out. But it was often not to be.
Still, for the quarter I managed a 45% return on capital. Not a bad feat. My aim for the year is 100%. From now onwards, I expect to be more steady in holding on to my positions, and do less churning (one day in and next day out). Stick to the plan, no matter what.
Many people are calling for an end to the bull run by the middle of this year. Personally, I am less sure of the direction (explains why I am churning more). But I believe if the trend truly changes, I can still make money, by getting on the short side. So, time to be flexible.
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