07 May | Renesola and Happenings in Greece
There’s no doubting anyone holding any sort of UK based portfolio over the past week or two has felt the pinch of what’s been happening in Greece. I, like many, are hoping it’s no more than a blip – albeit a pretty big blip for those on the ground – and with solutions being touted as I type, the markets will rebound in the coming days and weeks.
Now hindsight is a wonderful thing, but when Renesola topped out at a little over £2.50 last week, my finger hovered over the sell button. It hovered but nothing more. It was the run-up to results (due out on May 10th if I’m not mistaken) and often that lead up to an expected good set of results sees the price peak. Then, when the results are confirmed the market has already factored in their healthy goodness and share prices can actually retreat a little. Now, Renesola has been bouncing along between 75 and 225 pence for the past 18 months, so when it breaks those levels I tend to take a bit of a closer look. Hence the finger hover.
Enter the Greece situation and markets across the board stall, despite what they were doing two to three weeks back. What was positive sentiment in the lead up to a results date (in the case of Renesola) has been influenced by macro trends where investors are playing a cautious hand and hanging off on further commitments at best and often liquidating some or all of their portfolios at worst.
In the end I held onto my Renesola. I’m still not confident it was the right thing to do but looking at my portfolio as it stands today, Renesola is battling on – it’s the only splash of blue in a sea of red. Time will tell whether that hover should have been hard click.