A month that looks like the south end of a northbound cow.

Literally no movement in the index over the course of 12 months...a lot of work for index managers to stand still.  ASX 200 down 350 since the month began.  

Here at UCP we dont invest in banks (we're housing bears ya see) or resources companies (we cant value companies when underlying commodities change so markedly in price by the day).  That being the case, the portfolio looks pretty good given the carnage around us - pretty much square with where we started September despite a whack on Myer and Ainsworth.