Monday, September 29, 2008

Bailout vote fails and markets react harshly

I don't need to over-analyze today's market action, as it was fairly self-explanatory. The vote on the bailout failed, and markets fell off a cliff. Most of my portfolio companies joined the swoon, the major exception being Alnylam (15.1% of portfolio), which was up fractionally. The sharp decline in the value of my other holdings has boosted Alnylam's share of my portfolio.

In any case, since I no longer trade my portfolio on a daily/weekly basis, I'm just holding and waiting, into 2009 if necessary. In the meantime, I was reminded that earnings season is just a few weeks away, as Ensco (calls 1.1% of portfolio) announced their earnings date. As long as EPS growth holds up, perhaps value investors will step into quality names in the coming months.