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September not a month to remember
Well, my portfolio was crushed in September, declining in tandem with many of fellow members' portfolios who are levered to high growth names, as interest rate fears emerged in the month and other fears arose from China's Evergrande collapse, debt ceilings, government shutdowns.
Portfolio was down 8% (stocks) and 5.5% (including the cash component which cushioned the fall).
What really hurt above and beyond were a multitude of factors:
- Lightspeed crushed on short seller report
- Editas reported trial results - where safety was fine, but the results of improved vision only accrued at mid level dosing and not that apparent at lower doses. Stock sold off from a healthy gain on my cost basis to a small loss.
- Merck's recent announcement that its oral drug can reduce COVID hospitalizations by 50% crushed some of my other health stocks. Cue Health which makes Covid tests (and is in some ways the realization of what Theranos could have and should have become except that it was a complete fraud) - is now a busted IPO on this news. Abcellera whose research platforms made antibodies for COVID also crushed on this news.
I actually think Cue Health and Abcellera are good buys at this level.
Taking my licks - and figuring out how to play the next month.
Really appreciate posts like this talking about the events that didn't end up going your way. It's never fun to be down but I respect the reflection. My portfolio was down too in September.
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