Here is the usual sequence of emotions when shares of Anhui Conch (600585.SH), the cement company that we bought with more than half our fund’s RMB10,000 in early June, fall 10% in a single day, as they have done today and yesterday:
Shock-> questioning -> frustration -> regret for having bought it -> wondering how much money we’ve lost since buying in -> light amusement -> regret for having held it -> resolve to finally sell it -> unwillingness to cut losses/hope that things will turn around -> frustration -> STRONGER resolve to sell it -> STRONGER unwillingness to let go -> wondering how much money we’ve lost buying in …
Other than that, we’re taking pleasure where we can find it. It looks like last week’s escape from Hubei Guangji Pharmaceutical (000952.SZ) was a good move: it continues to fall, with no sign yet that it’s hit bottom. ICBC (601398.SH) remains, well, ICBC. With the markets tanking as a whole (anyone want to place bets on when the SCI will drop below 2,000?), ICBC has fallen, too, but it’s still only down 17% from our initial purchase. Right now, that’s sounding pretty good.
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