Sinopec purchased

Insanity, it is often said, is doing the same thing over and over again and expecting a different result.

I've been "buying the dips" all year and, so far, every single equity purchase this year is currently underwater with Sino Oil & Gas (HK:702) being the most expensive in terms of unrealised losses and Specialty Fashion (ASX: SFH) being the worst performer in percentage terms. The losses on the equities (including those held at the start of the year) now exceed the net rental income and FX gains by a considerable margin. Things have reached the stage where my plans to retire in early 2012 are now very much in jeopardy. I'll post some further thoughts on the big picture separately.

In any event, I purchased some more Sinopec (HK:386) today - another small incremental addition to the portfolio. I paid HK$6.48 per share. Sinopec has been hammered by the inability to pass high oil prices through to end users. With oil prices falling (and PRC imports of crude still rising), I would expect Sinopec to perform better once the damage to the current reporting period is out of the way. It also offers an attractive dividend yield of close to 4%.