Quiet Contrarian. Ep37: Trades for November 2022

Lots of selling into the Santa rally. I still believe a recession is coming in CY23.

Sells

Computershare Ltd – CPU.ASX – I bought these guys as a high RoE quality tech stock. Lucked out as they turned into an interest rate beneficiary. Not really a growth company anymore, but trading at multiples >24x. Time to sell.

Nick Scali Ltd – NCK.ASX– An amazingly run company, and a good example of how things can always change. A few years ago, they were struggling to break through the $7.50, with limited growth to be found. But covid revitalised all that, giving them some of the best years on record, and an acquistion that could increase their market share. I missed the market peak, and despite my love of the company, I still feel like their income will drop over the next few years, after the home renovation lockdown highs. Holding a small amount to just keep me in them. Feel like I will buy again when it seems like the retail cycle is near the bottom. Great company.

Regis Resources – RRL.ASX – Took losses from my most expensive positions. McPhillamys is looking more certain now, but will still have to go through final approvals and construction. Just sold down to derisk a bit.

Tassal Group Ltd – TGR.ASX – I sold these guys just prior to the acquisition. It would have been fine, but just took the 2cps hit to get them off the table.