Thanks for that. Your summary correctly expresses how I am feeling about this trade.
For me personally it:-
a) Takes the potential of a big loss on the brexit vote day off the table
b) Provides the opportunity to buyback lower if the market does fall, providing for future profits.
The costs and risks as I see it are:-
c) The trading costs (commission, stamp duty & spread) of both selling and buying back in
d) That if the vote is passed and the markets react positively I will have given up some gains that I might otherwise have had.
If things dont go as planned then I am prepared to incur the costs that I have identified for the benefit of having avoided a big potential loss. I quite see that others may see it all TOTALLY differently and I wish them ATB with managing their portfolios in these challenging times.
I say again it is certainly NOT my intention to try and persuade others to do what I am planning. Anyone doing so must take total responsibility for whatever actions they might take.
I sold LLOY at 58.3 and SLA at 271.1 yesterday, a bit risky perhaps as they may well go higher than that in the coming days. However personally I dont see LLOY going above 60 in the next fortnight and before yesterday I thought I would be lucky to get 270 for SLA. I will keep an eye on the other investments that I have targeted for this exercise and I do have “sell limits” set for them all at VERY optimistic levels, just in case. But it is likely that I will only actually sell the others just before the vote to avoid the risk of them moving substantially other than because of the vote.