Trading update

It is all change at the moment as I double up on some tempting opportunities.

In our growth portfolio out went CSR and Dana Petroleum and in came Google. Google has experienced so much multiple contraction in the last 18 months or so that it looked like a screaming buy to me.

In our mortgage portfolio out went the rest of Vodafone. I have been in and out of VOD several times in the last three and a half years and have never made much out of it. In fact the share price is now roughly where it was when I first bought in. Revenue growth is very slow and I think bank shares offer better opportunities for capital appreciation.

In will come Genzyme. GENZ in on a 2007 PE of 20. It is growing revenues at 20% and growing EPS faster as it leverages its scale. It has about five drugs in late stage trials which could hit the markets in the next three years. At its current levels it offers an incredible risk / reward ratio.

Time will tell whether doubling up on these beauties is brave or foolhardy. Either way the ride will be entertaining!