Investments

As this blog is also about investing, I should file something in this area. Especially regarding my investments.

I strongly believe in investing in value, the approach described in "intelligent investor" written by Benjamin Graham, and I try to follow this approach. Therefore my current portfolio (diversified over few accounts, including IKE which allows to avoid capital-gain tax) looks approx. as follows:

27% BPHFIZSN - undervalued polish real-estate fund
14% stock fund
13% KGHM - high-yield copper mining company
11% deposit in WIG20 future (Long certainly :))
9% INVFIZ - investors.pl flagship semi-hedge fund (200% return in 2 years, a pity I wasn't here from the beginning :))
8% INVLBFIZ - new investors.pl fund specialized in LBOs
6% PPWK - publisher specializing in maps, recently hooked up with google
4% NET - small telecom from poland
2% PKN - oil company
2% PKM - IT company
1,5% polish cash fund
this is pretty much all I can recall, I hope it will give steady return, minimum 8% anually.
However I hope to have a better one, thanks to undervaluation of most of these papers. Also timing and asset reallocation gave me some return recently, and I hope to continue with
this approach in the future.

Recently I saw an ad of wealth solution's structured fund, based on alpha pairs sectors index. This gives a hope for decent (positive :)) returns during market downs and therefore seems a good diversification strategy. The other plus is capital protection and being free of capital-gain tax. The main disadvantage is liquidity (lack of it, actually) and 4-year investment period. But all in all this seems pretty attractive anyway.