Tuesday, July 22, 2008

Update from the recently absent Armchair Fiduciary

Sorry folks, but I have been quite busy preparing for the arrival of our new bundle of joy and generally settling in to our new house. These crazy markets have also kept the new job busy. In any case, it is already clear to me that the arrival of our daughter will limit the frequency of my posting. I have shared a lot of what I have to share in the last year or so, so from now on it will likely just be incremental stuff. In other news, our house in Denver closes tomorrow. We managed to get it under contract in a mere 7 days and after quite a wrangling period over the inspection (I mean who really expects a 1906 house to be like new construction? Seriously!). Ulitmately, we are selling for about 5% less than our asking price. We bought the place in 2003 and did a ton of work to it. All in we will make a modest profit despite selling in the worst housing downturn in years. It is also a good time to have some extra cash flowing in so I can average down on my recent purchase of mutual funds which is under-water for now. I intend to wait for the next major sell-off in the market before putting some money to work as I beleive this rally will not last for more than a month or two. I think there will be a chance to average in at the lows again in the fall.