Friday, 31 December 2010
2010 Trading Review and Happy New Year
My aim was to try and match last year's 150% up, but I did not quite manage it this year coming in only 115% up on the year. Still, its not bad to have back to back triple digit gainsyear on year.
The star performers were, as predicted in January, oil stocks and commodities. Xcite energy was easily the best performer, but others such as Gulf Keystone and Dana Petroleum had very useful gains too. Most disappointing was Minerva, I have now sold out and at an average of only 90p some way off the highs of 130. how they have not let their large empty building opposite Cannon Street is beyond me.
Many shares that have performed poorly over the year, such as Ascent Resources and Xtract Energy have come good towards the close of the year as the FTSE gains pushed more money into higher risk shares.
The only real loser I backed this year was Desire Petroleum, a lack of research meant that I picked this over Rockhopper back in May and promptly lost 50% before selling out. One other bad hit was Haike Chemcials, but even that turned round at the end of the year for a break-even position for me to exit. Another poor perfomer, with 20% loss was Forte Energy, a uranium paly which I still may get back into long-term, but this was not the year of yellow cake.
Next year is going to be a fun year, I am planning a much slimmer portfolio and have already reduced down from 12 shares to just six. Gone are Heritage Oil (at 450p it is well priced), Polo Resources (similar 20% gain was my aim and so sold out). The big position are now EMED, XEL, GKP and IAE, with smaller positions in XTR and AST.
Predictions for macro-market events to come tomorrow or Sunday.
Happy New Year