It has certainly been an exciting few days with plenty of fear and greed. The normally mild mannered denizens of affluent Peckham were so upset at the plunging share price of Greggs that they took direct action:
I, for one, have tried to stay calm, but it's so easy to get caught up in the groupthink of the mob.
While others were doing some late night shopping, I confess to having picked up a few bargains here and there. As I am already quite well diversified and find it hard at the moment to identify further investment opportunities, I have mostly stocked up on stuff I already have: Aviva, Balfour Beatty, Hansteen, Marston's. I could have gone on with RSA, Unilever, Vodaphone, but felt it best to keep plenty of ammo in reserve.
Today I took a walk into my local looting centre. It was very busy and the mood seemed quite cheerful. There were less than half a dozen signs of disorder. TK Maxx and Superdrug had their windows boarded up but were still trading. Mothercare had also been hit. Hardly a surprise, since the area is noted for its vicious toddler gangs.
I was surprised to find Argos buzzing and wondered whether I should have averaged down on my Home Retail holding, down 40% since purchase. The growth prospects for the business are not good, but if they can stabilise their turnover and profits, they should be okay. They've just risen on a takeover rumour, so I'll wait for a bit. A halving of the dividend is likely, but if they fell below the net tangible asset value of 120p, the yield would still be good.
When I started writing this blog entry, the FTSE 100 was up around 1%. A cup of tea later and it's 2% down. Interesting times.
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