Market plummeting

I suppose I should say something about the plunging stockmarket. How about "hooray!". Cheap shares - fantastic. For someone who is going to be a net buyer for many years to come, the cheaper the better.

I hope the market doesn't recover too quickly.

Of course, some of the companies I own shares in have also seen their "real" value affected.

Royal Bank of Scotland, worth perhaps £7 per share if the credit crunch had fizzled out and gone nowhere, and maybe £4 if the US had rescued Lehman and avoided further panic, will now be worth maybe £2.

It remains to be seen how Taylor Wimpey resolve their funding issues, but I'm now far more pessimistic about the direction of house (and particularly land) prices. I think the value of their shares has probably fallen from £2.50 to maybe £1 at best.

Zirax are clearly having short-term problems, but I remain fairly confident in the long run.

On the whole I think pretty much all the shares in my portfolio are undervalued. So I clearly won't be selling. And in fact, I just put in an order to buy more IAPD, IDVY and GNK next week.