Well didn’t Crawshaw take a battering today. Down 43.54% today and 8% yesterday. This is by far the largest one day fall I have been on the end of and while not great I am ok with it. It took, along with a 2.13% fall from BOO (probably spooked by disappointing update from NXT which seems daft to me) my portfolio down by 0.8% which is tolerable and nothing like the falls in the days following Brexit where half my all time gains were wiped out. All now recovered and then some.
This was always a bit of a punt and a stock that I should never have probably been in. No delete that should never have bought. But we are where we are.
After the fall yesterday I placed a limit order to top up my holding to 2% out of market hours. (something I learned from another book I read – Guy Spiers Education of a Value Investor I think but I can’t be sure. Place your orders in the cool of the night when you are less likely to be influenced noise and market gyrations.)
I then had to make a descison: exit the position or top up. Doing nothing was not an option I believe. See the book The Art of Execution for more on this. In the end I decide the market had over reacted and I placed a second order to take my holding up to 3.38% of portfolio ex cash or 2.93% of portfolio including cash.
Anyway I bought Crawshaw originally as a punt but also with the intention of sticking with it for the long term and I am sure that Noel Collett having been CEO for barely 18 months is not going to want to throw in the towel at this stage. I will be watching very carefully to see how things go. As an aside I am still holding around 12% in cash.
On the subject of cash I will cover that tomorrow if I have time.