Bill Bull's Blog 160116

We were really beaten up this week.
Not only our blog portfolio but all of the markets. I don't think I will ever have a Chinese friend anymore.

In the last 12 months we lost -6% against an average loss of -9% for the major markets.
This brought us a nagative return of -0.6% since we started the porfolio. Honestly, we are not proud of this result.

After this bloody start we barely managed to keep the average return in the green: +2.6%
This week we lost -1.6%, where the markets were losing -4.9% on average.

As long as the shooting continues we will act as the 'sitting duck', everything else looks more dangerous to us.

Buying Sartorius last week now seems a a rather stupid thing to do. We deeply (-27%) regret it.

BUT: it's not because we lost a battle that we can't win the war!