August 9, 2017 9:42 am

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Charlie Morris: That’s my favourite question! And easily the most often-asked question from new Fleet Street Letter readers. In the last few weeks I have been through every single holding in Whisky and Soda and have expressed my view. Those stocks that I didn’t want to hold, I sold. Those I wanted to hold, I reiterated as such.

The Fleet Street Letter will not be starting again with a clean sheet. This is a very long and slow journey. It’s a matter of biting the bullet and hopping aboard. It is best not to focus too much on the profit or loss column. Focus on what it is you are buying and why you are buying it. Let time do the rest.

Dealing costs are extremely low these days. But if you don’t like dealing, then focus on Soda. If you want to be more involved, then Whisky is for you. Best of all is to blend both – sized according to your personal circumstances. 20:80 Whisky:Soda would be a conservative approach. 40:60 is for the enthusiasts. 60:40 is strictly for the excitables (if you have a large appetite for risk and can afford to lose money you put at risk).

The Soda portfolio is designed to be for the long term and the aim is to have low turnover. It is conservative. On the other hand, the Whisky portfolio is tactical. That means it trades and the turnover is higher as a result. In the age of internet stockbrokers, trading has never been cheaper. Both portfolios are for the long term. That doesn’t mean they don’t periodically change their shape.