I just checked my share portfolio on the Commsec app and am reminded that my decision to liquidate most of my Treasury Wine Estate shares two and a half months ago was an unintentionally astute move (unlike most of my share purchase and sale decisions).
You see, this morning Treasury did a revised earnings guidance in which they advised that ‘depletions’ (whatever that means) for Penfolds in China have not met their expectations and that they have to withdraw their earnings guidance.
So the share price went, yet again, into free fall (hence my musical ear worm right now is Tom Petty’s song ‘Free Fallin”), crashing from about $7.30 at open to $6.30.
I booked about $2000 in capital loss at the start of August, whereas if I had sold at the time of the last AGM, I would have booked a $2000 capital gain (which would have been concessional as I had held the shares over 12 months).
The main consolation is that instead of holding 1000 shares, I only hold 100 shares now, so my loss is only around $150 and I have no intention of selling that minuscule parcel as it is my AGM ticket.
Which reminds me. The AGM is on Thursday at 10am. It will close at 11am. At that time, there will be the most swish corporate AGM catering of any ASX listed company, with two hours of open bar with Treasury Wine products. That includes Penfolds Bin 28 shiraz.
How much of that can I drink to make up my losses?
Anywho, I mentioned this at the Soul Pattinson Investor Briefing (a very well catered event) last week to an acquaintance from one of my Bottle Clubs, and he will crash the AGM to enjoy the catering with me. If any of my other friends wants to join me, please send me a text and I will send the details.
Lost For Words! 