Well it’s clear that money is being pulled from commercial property, faster than former leaders are absolving themselves from the responsibility of sorting out the mess they created. So my only long position exposed to property is gone, like the pound to dollar rate.
On the flip-side, my over exposure to the US is bringing me rewards from a dollar perspective and a large long-term position in Unilever is getting marked up thanks to overseas earnings.
Overall, it’s not looking too bad. But a planned trip to Hawaii is skyrocketing and looking much less attractive at the moment.