All Change....

A very big week. I made a life changing decision.

Having been made redundant in March, I have not yet been able to find a new job. This week, after yet more setbacks, I made a life changing decision.

Although I will still work if an opportunity presents itself, I must assume I could be out of work for some considerable time, perhaps forever. To that end, what's the point in sitting in front of a PC screen all day chasing jobs that never come to anything.

So.... I have decided to enjoy the time I have thrust upon me, and treat it as enforced retirement. I have sold 80% of my shares, and put them into a mixture of high yielding bonds which will give a blended annual income yield of approx 13%. That's fine for us to live on, and I get time to get out and about and enjoy the things I have wanted to do for years.

I've held several smaller holdings which I think will grow, and also British American Tobacco, Scottish & Southern Energy, Shell, BP, Glaxo and Prodesse. Most of the others have gone. But I have income as a subsitiute and I can take up golf again (last played in 1993, how rusty and I going to be!).

The remaining 20% of the portfolio in shares will be used as a springboard to grow my capital again. But in the meantime, I have peace of mind.

One trade this week, I bought into ICAP the day after Michael Spencer sold 2% of his 21% holding - a good time to buy as the shares were down from recent highs. This interdealer broker will be in the first wave of recovery stocks when it arrives I think, and I have bought in time to pick up the increased final dividend.

Dividend income this week - a very healthy £255, including £60 from Chesnara, which I was sad to have sold - but I can always buy back into at a later date.