Post 800

Every 100 posts, as WordPress counts, I take a moment out to reflect on my life , my blog, the markets, and more.  My blog is usually a reflection of me as an investor and businessman, but it is not a reflection of me, the whole person.  This is my chance to speak my mind more broadly.  (By the way, it is amusing to be doing post 800 on 08/08/08.)

Hasn’t the market been volatile lately?  I feel like a yo-yo.  Ordinarily my sector rotation methods help my portfolio to be less volatile than the market, but at present my “beta” feels like 1.3.  Now, on the plus side, I am underweight energy for the first time in six years, starting in mid-July, and my energy exposure has a large refining component through Valero and ConocoPhilips. Beyond that, I am in the plus column again for 2008, though returns on Monday could reverse that with ease.

That’s the market.  Only invest what you can afford to lose.

Writing this blog interfaces with the print/online world in a variety of odd ways.  I talk to reporters fairly frequently, and give them a good amount of my time.  So, I want to thank my contacts at the CNN/Money, Fortune, Bloomberg,, The Wall Street Journal, Business Week, and the Associated Press.  Other interested writers/reporters, e-mail me, and we can talk.

Ordinarily, when I write these posts, I cite those who have driven traffic my way, but right now, my internet connectivity is not cooperating with me.  Instead, I will mention the blogs that are not on my blogroll that I admire: World Beta, Felix Salmon, Information Arbitrage, and Interfluidity.

I remain most grateful to my readers.  I can’t respond to every e-mail, but I do read all of them.  Thanks for taking the time to read my writings.  I enjoy doing it because it gives something back to the broader investment community; retail investors don’t have many friends.

I leave you all with this.  I know my blog is eclectic; I cover a number of issues, and less well than some blogs that are more focused on single issues.  If you have ideas that you want me to write about, please e-mail me.

May the Lord bless you in your endeavors, and grant all of us wisdom in what I expect to be turbulent times in the markets.

Full disclosure: long VLO COP