David Fuller's view Wednesday's review of my personal top-10 long-term investments concentrated the mind, particularly regarding China Mobile. A fine company, I maintain, but over owned by funds which have been lightening their major holdings as the investment fashion temporarily moved away from Asia. I could have ridden it out but on seeing yesterday's further deterioration, I decided to sell my 9th largest position in terms of weighting and buy into a sector often discussed in Fullermoney - rare earths metals.

This is a speculative switch, swapping a respectable yield and low valuation in China Mobile for the high valuations and momentum moves in rare earths mines. I can justify this to myself because of the strategic importance these previously all but bankrupt companies now have following China's dramatic changes in its previous export policies.

Following instructions left yesterday afternoon with Tony Smith of Brewin Dolphin, my China Mobile (weekly & daily) was sold in Hong Kong trading this morning at HK$74.5071, a loss against my purchase at HK$83.1065 on 10th August 2010. One-third of the proceeds were invested in Lynas Corporation (weekly & daily) at 120p (I was expecting a price in AUD but if this saved me currency transaction costs, that is fine by me). The remaining two-thirds of the capital was invested in equal-sized purchases of Avalon Rare Metals (weekly & daily) at C$7.7001 and Quest Rare Minerals (weekly & daily) at C$6.36.