Six years ago I began publishing this blog on health policy, economics and stock picking.

In the early years, I focused on health policy and economics. We were, after all, publishing

newsletters for the hospital industry and had been in health care and managed care publishing since 1976.

After we sold our hospital newsletters in 2005, I kind of lost interest for a couple of years.

Then, a year ago, I decided to make this a blog about speculating on stocks and options as well as about economic policy and politics.

That I picked one of the worst stock market years in history to begin blogging on investing made the last 12 months both interesting and frustrating.

Big changes in markets always are interesting and challenging as well as fun to cover.

Bear markets are not conducive to stock picking. Early in the year, I profiled a number of companies that looked like pretty good speculations.

Late last year, however, the Bush administration blew up both the economy and the financial markets. This made stock picking virtually irrelevant as well as impossible.

No matter how good a company is, it’s fortunes and stock are tied to the global economy and the stock market. On most days, most stocks move with the market.

As a financial journalist and speculator and investor, I’ve let my nose for news and opportunities guide my blogging. On some days, as during the last week, blogging and stock picking seemed futile.

Although I haven’t blogged much on individual stocks recently, I spend my days watching the markets and investigating investment opportunities as well as frequently re-evaluating the stocks I own. When I find some winners, I’ll let you know. Right now, who knows what stocks will be winners?

While I have a few small positions in the stock market, most involve covered calls designed to hedge my positions. And I’m still less than 18% invested in the stock market, as I have been for 23 months.

I’m still bearish and will continue to be extremely patient despite the temptations to bottom fish. I had a little success with bottom fishing last October, but I’ve since sold the stocks I bought. Since I put a little money in the market last June, I’ve done only a little better than the market and most mutual funds. Nothing to write home about, since I’ve lost money on balance like almost everyone else. Beating the market in a bear market is not anything to brag about when you lose money.

I did make a few hundred bucks in January, however. So, I guess I can brag about that. So I made a buck and hour for my efforts. Big deal.

I hope the blog is helping some people with their investments. It certainly helps me think about potential investments.