I decided today to sell my FCX. I have held the stock for about eleven months. I was up 17% on my initial purchase and they were up a snappy 2.5% today. The reason? I am starting to think all the negative China talk has some merit.
The biggest China critic has been Jim Chanos, and I have often stated that go against his analysis at your peril.
Then I heard the CEO of international paper yesterday and he stated from his view, (and his company sells packaging and paper products to China) that China felt like it was only growing about 3%, which is in line with what Chanos sees when he looks at electricity usage.
If China stops buying copper, the price of Copper (and FCX stock price) could drop, so I decided to pullback for the time being. S with the sale of FCX and QCOR, I am definitely moving to cash. I am now twenty percent cash in my divvy portfolio.
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2 comments:
Nice gain.
I saw the IP ceo interview in real time. Wish he would have said what he saw percentage wise last year(how much has growth declined for him). Maybe he did. Seems like everyone knows China numbers are bogus. Maybe by not that much though.
Question for you. What percentage of your total investing portfolio is your dividend portfolio?
Just off the to of my head, my dividend portfolio is about half of my portfolio that I actively trade in my brokerage account and Ira. That excludes company stock I get/ buy, my 401k and college funds new money over the next nine months will build out my final three mfi tranches.
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