This morning I thought I’d check up on my version of reality. We all suffer from rosy retrospective from time to time, you know when you think the past was better than it was. If only my Latin teachers had taught useful phrases like “memoria praeteritorum bonorum” (the past is always recalled to be good), instead of all those damn conjugations I might have learnt something useful.

I went back through my account statements for the last year to check our percent invested each month. I’d previously checked some months and thought we only got as high as 110% invested and had only began trimming my positions recently. As this first graph show I was 124% at year end and have raised my cash level ever since then.

As I have commented all along I continue to sell fully valued companies and buy undervalued. For example I sold Netflix and was taken out of CV Therapeutics in February and bought Facet Biotech and GE. February was the month with the largest increase in cash, though that’s masked somewhat is the above graph by the falling equity value.

In this case it appears my retospection wasn’t too rosy, though with hindsight I should have stayed on margin much longer. I thought I choked at the bottom and as you can rather than adding during the markets surge I trimmed all the way up, so I’m going to give myself the Greg Norman medallion for choking. Though I imagine there are a lot of other people out there who deserve it more.

Here’s this months chart. I was called out of part of our Vertex and MMM this past month and the only calls I’ve sold since are on Jetblue. I’m comfortably with our overall position and will continue to sell fully valued shares.

Related posts:

1. Investometer and Portfolio October Update
2. Investometer and Portfolio November Update
3. Investometer Update
4. Introducing the Investometer
5. Fusion Investment Portfolio Update – August 2009
6. Investometer 2009 Year End