It has been a difficult ride for investors over the past few months, and the chances are it is not going to get suddenly better soon.
The Punter, with his portfolio heavily weighted towards agricultural stocks, has been hit particularly hard.
The suspension of shares in Murray River Organics (ASX code MRG) at a new low of only 5c is just the latest blow.
At the time of writing, the company was finalising talks with its financier and with the landlord of the big Colignan farm which MRG leases.
Not the sort of chat you want at Christmas.
Costa Group (CGC) is faring a little better.
Its shares are selling for about a third of what they were earlier in the year.
The recent share purchase plan was a bit of a flop, but Costa has since managed to sell the unsold shares to wealthy investors and institutions for 30c a share more than a public offer.
The Punter is resigned to sitting on hefty losses on both companies for a while, but still has high hopes for their future.
Meanwhile, he regrets not bidding for a slice of the growing craft beer business by applying for 4000 shares in the initial public offer of shares in Founders First (FFL).
The company is only two years old but has already raised $24m, invested in six craft brewers and two distillers, and is on the hunt for more.
It is led by Mark Haysman, former CEO of Port Adelaide.
The company provides capital, marketing, expertise and sales to the small firms and makes its money chiefly by charging commission on sales.
Revenue last year totalled $17.5m.
The shares look fully priced at 50c each but the minimum $10m has already been raised and it looks as though the company will get the full $17.5m it wants.
The offer closed on December 9. The shares are expected to start trading on the ASX on December 17.
The Punter may go for a beer or two then.
- The Punter has no financial qualifications and no links to the financial services industry. He owns shares in a number of companies featured in this column.
