If any of you are cooks, you may have a spice cabinet like mine.
It
is full of spices I have purchased with the thought of the wonderful
meals I can make from them. I cook a lot, so I have justified the
purchase of many of them. Still, a recent visit to my cabinet found
many whose potential has never been realized in my kitchen.
This makes
me think about the fact that I don't need to go look for more, I just
need to stop and work with what I already have.
I think their are many similarities between this and the state
of many of our investment club portfolios.
It is fun to shop for and
purchase new companies, but have we made the most of what we already
own? Are we really keeping good tabs on them and our projections for
how we expect them to help our portfolio going forward? Rather than an
endless search for the next best thing, it might be a good time to use
our energy to make a true assessment of where we stand with what we
already have.
I'm sure we'll never get to the point where we don't have a
little more than we probably need. After all, occasional impulse
purchases can be fun.
But don't forget that your investment club portfolio may benefit
as much or more by purchases of more shares of stocks you already own when a good opportunity arises.
You're following them already. Why add to your work by adding too many
new companies too often?
Laurie Frederiksen Invest with your friends! www.bivio.com