The situation in eurozone seems to be slipping from bad to worse. Thus, the risk of recession and even full panic (think Lehman 2008) seems to be greater than ever before during the eurozone debt crisis.
Therefore, I decided to lower my exposure to basic minerals and oil, which I presume would be hit the hardest if another recession/slowdown would begin. I sold shares in Talvivaara and Chevron. I completely eliminated the position in Noble Corporation, which represents exposure to offshore drilling contractors in our portfolio along with Fred Olsen Energy. I decided to leave Fred Olsen Energy and Statoil untouched as both are not too far from the lows of 2009 (in terms of Norwegian Krone). Thus, the downside with these seemed to be much less than with the ones I sold (Nickel price is still very far away from lows of 2009 and both Noble Corp. and Chevron are still riding high).
I really don't like holding cash, but now it seems like a good time to hold some for the time being..
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