The Australian share market lost 3.2 percent of its value today, while my personal portfolio fell by 2.2 percent.
There were a lot of nervous and worried people around today who own shares. I wasn’t one of them. I bought BHP Billiton earlier this year at $24 and after today’s pullback they were still $35.96.
I’m rather pleased I sold my managed funds last week before the dips began. That money will be the deposit on our house and by selling when I did, we probably cashed in about $3000 which otherwise would have been wiped out.
My portfolio is fairly conservative: BHP, Woolworths, Westpac, News Ltd (which was steady today on the Wall Street Journal announcement), Nufarm and Stockland. I also have a gold explorer which I’m speculating on for a good result.
I have felt for several months that many Australian shares were over valued based on company earnings and profitability. I’m no guru, but I’m happy to see the market pull back to create some buying opportunities.
If New York falls again tonight I will be tempted to buy tomorrow.
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