Diageo (LSE: DGE) reeks of my personal self-invested pension. When I bought it FTSE100 spirits giant in January 2023. Shares just dropped after the profit warning, but I thought they would bounce back quickly. Evil. It fell 25% last year and more than 50% in five years. Personally, I’m down 36%.

I held on to it, hoping for a turnaround because patience is the key to long-term investing, but at times I was very tempted to get rid of it.

Two other SIPP holdings are also testing my nerves. Mining giant Glencore decreased by 10% in one year and 30% in three years. Personally, I’m down 27%. Gencore did show signs of recovery recently, but it ended in failure. Ocado Group it’s a real nightmare. The value of the food industry fell by 38% in 12 months and more than 70% in three years. A decrease of 55%.

There were times when I wanted to clear the decks and get my SIPP in order. ON A motley foolwe suggest purchasing shares only with a minimum horizon of five years. I only have two or three years for this. However, we believe it is also worth reviewing the original investment case to see if it is still relevant.

Checking the investment case

Diageo’s profit warning comes after sales and storage problems in Latin America and the Caribbean. The problem has worsened, with sales also falling in the US, Europe and China as drinkers feel unwell. Normally I would sit back and wait for the cost of living crisis to subside, but in two respects the investing landscape may have changed.

First, younger adults drink less. Second, weight loss medications can also suppress cravings for alcohol and food. Both could cause a long-term structural blow to alcohol sales.

Still, I’m not willing to sell. Incoming CEO Sir Dave Lewis has done a great job of transitioning his position Tesco around. I hope he repeats this magic at Diageo. Lewis won’t start until January, so I’m holding out. Diageo currently looks like a reasonable value with a price-to-earnings ratio of 13.8 and a yield of 4.5%. Bargain hunters may consider purchasing at today’s price, but they must be aware of the risks.

I’m waiting for the cycle to turn

Glencore has been hit by delicate demand from China and fears of a US recession. However, commodity stocks move cyclically, and selling during a trough is rarely prudent.

This is my only natural resource, so I’m inclined to stay there, at least for the sake of diversification. Investors may consider buying Glencore as it loses steam, but it is unlikely to see a surge in the low term.

On Tuesday (November 18), Ocado suffered another blow when it partnered with the US Hooks announced that it will close three of its automated customer service centers. Ocado has some stunning technology, but the huge question is whether there is a market for it. He’s probably not in the US right now. Maybe he just set his sites too high.

I wouldn’t suggest anyone consider buying Ocado shares. They are simply too risky. After months of hesitation, I am close to selling. All three have tested my patience, but Ocado is running out of time.